WHAT IS GST ?
GST stands for Good and Services Tax. GST is a new form of tax that replaced all the central and state taxes such as excise duty, value added tax, entry tax, services tax, countervailing duty, luxury tax, advertisement tax etc. It is proposed to be imposed at all stages right from the production up to final consumption. GST avoided the cascading effect of taxes. It helped the Indian government to achieve its ‘One Nation One Tax’ agenda.
GST came in to effect from 1 July 2017, through the 101st amendment. GST is levied in the final market price of goods and services. It will reflect in the maximum retail price. Customers have to pay this tax for the purchase of goods and services. This is then collected by the seller and it is required to be paid to the government. Petroleum products such as high speed diesel, natural gas etc., alcoholic drinks and electricity are exempted from GST.
GST ended the multiple taxation at different levels of the supply chain. The supply of an item will not be hindered by the state boundaries and taxes. The reduced tax burden reduced the price of many items for the consumers.
THE CENTRAL GOODS AND SERVICES TAX (CGST)
CGST is the tax that is charged on the transactions of goods and services by the central government which is governed by the CGST Act, 2017. CGST put back the central taxes of excise duty, sales tax, service tax, additional excise duties, CVD, SAD etc. The revenue collected under CGST is for centre. However some input tax credit on CGST is given to states. At RPGS Associates, your wish or requirement is our mission for which we do not shy away from giving an extra mile to ensure every bit of satisfaction for you. RPGS Associates is not just a company that provides you with elite services in business audit, accounting and setup, it is a highly recognized group of talented accountants and business gurus who have come together to revolutionize the very domain of finance.