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Goods and Services Tax (GST) was the biggest tax reform that our country has seen over the years. If are unknown about the GST till now, then let me tell you that it is a kind of indirect tax on the supply of goods and services. Since its introduction, it has helped in eliminating various indirect taxes previously used in India such as VAT, Entertainment Tax, Luxury Tax, Excise Duty, Purchase tax, etc. The best thing about this tax is its multistage approach in the supply of goods and services. In and all, GST is a pretty comprehensive tax that our country was in need of so many years.  Under GST, there are mainly three taxes under it known as Central GST, State GST, and Inter-state GST. If the sales of goods and services are happening within the state, then CGST and SGST will be applicable, while if the sales are being taken from one state to another, IGST will be applicable. In this country, we will be telling you about the different GST slabs under which different types of ...

The Goods and Services Tax reform is the latest tax reform that has taken the country by storm. It has replaced all the other indirect taxes that existed in India. One fine day all the taxes such as, Central Excise Duty, VAT, CST, Entertainment Tax and more were subsumed into the GST to give India a unified tax structure. From Jammu and Kashmir to Kanyakumari, one tax system is followed, which is the Goods and Services Tax. This tax reform has helped eliminate the cascading effect of taxes which made the price of final goods really high. Since GST , the prices of some goods have come down, less tax evasions, fast movement of goods from state to state so that it does not affect the cost of goods. GST’s success can’t be measured fully at this point of time because it has just been a year and a half since it has been implemented. The real success can only be measured when it has its full swing. There are three taxes that compromises the Goods & Services Tax system - CGST, SGST, ...

At the stroke of midnight on June 30, 2017, our nation witnessed the biggest reform when we talk about the tax structure since the 1990s. The GST tax is the unified indirect tax to remove the old, redundant, and complex tax structure. As its notion says ‘One Nation, One Market, One Tax’, it’s indicative of the fact that how this tax reform will clear all the complexity of the various indirect taxes levied at the goods and services at various stages by both state and central government. The purpose of GST is to enable a centralized indirect tax structure across the country so that there would be transparency in the tax structure that wasn’t present in the previous tax structure and filled with various kinds of unnecessary taxes.  GST will help remove the current tax structure in which both the state and central government take taxes separately on the final value of good at each stage. Instead, GST will be charged at each stage on the value-added on it with the proper set-off...

Gold is the most favorite and trustworthy savings commodity for the Indian people. It is also a status symbol in many of the parts in our country, the more amount of gold you possess, the more stature you have in the society. It has always been like this from the hundreds of years as we all know that our country used to be known as The Golden Bird because of the amount of gold we have back then. We have brought the act of buying gold on certain days as our holy custom. India’s gold industry is considered to have more than 300,000 jewelers, which consists mostly of small, family-run businesses. Gold is also considered to be a safe investment option in our country. When the GST arrived on the 1 July of 2017, by the government of India to overhaul the complicated tax structure of India, it made a huge impact on various categories. But GST Impact on Gold Industry was a noticeable one as it eliminated the various kind of taxes like Excise duty and VAT (Value Added Taxes) on it by imp...

The day GST gathering reported distinctive rate chunks, ladies everywhere throughout the nation were preposterous for the execution of 12% GST on sterile cushions. Before the new expense routine came into record, there was no duty imposed on clean cushions/napkins. The motivation behind why the administration chose to cover it under a GST tax rate list was to ensure that outside organizations don't get the entire benefit in their offer. Essentially, customer strong things were secured under the 28% GST rate list which expanded their costs. In any case, GST tax slab has had 28 meetings till date in which the adjustments in assessment chunk have been made. In the most recent gathering, sterile cushions have been exempted from GST rates and very nearly 17 purchaser strong things have been moved from 28% to 18% expense chunk. The last change conveys a grin to a typical man's face yet is everybody content with the exclusion of duty on clean cushions? Give...

Soon after the implementation of Goods and Services Tax, it would not be wrong to say that the Indian economy has changed a lot. Yes, the moment this indirect taxation system has entered into the market, its impact has created a lot of difference in the lives of many. This is the reason why this term GST has always been in demand. If we are talking about the same, how can we forget not to talk about the impact of GST on laptops . But before we move on further, let’ just talk more about this indirect taxation system below. What is Goods and Services Tax? This taxation system is the replacement of all the indirect taxes such as VAT, Service Tax, Entertainment Tax, etc. The tax rate has been divided into five different slabs ranging from 0%, 5%, 12%, 18% to 28% respectively. This Goods and Services Tax is no doubt one such system which will replace all the other in-direct taxes and form it one. It will create an impact on plenty of industries and se...