GST is called Goods and Service Tax is nothing but a destination based tax, levied when consumption of goods and/or services by the final consumer. GST or Goods and Service Tax is same as VAT or Value Added Tax, wherein the output of tax is normally calculated and form it, but the input tax is subtracted to arrive at next tax. USA company registration
GST or Goods and Service Tax is a topic, better to say a hot cake that has been now a days on everybody’s lips. It is one of the widely discussed reforms of present days. This tax is one of the questions for the industry, but we got here an answer for you. Here in this article we have tried to draft this guide to assist you or to make you understand the exact procedure of GST in a quick and easy way. Let us describe Goods and Service Tax in a layman language.
What is this GST / Goods and Service Tax?
As we have discussed Goods and Service Tax commonly known as GST is a latest system discussed in indirect tax in India, which will include all other indirect taxes that has been imposed as well as collected in this country so far. However, the GST platform seems to be all set for the purpose of most awaited tax reform in this country. It is a like-minded opinion that whether the Goods and Service Tax or GST law is applied, it would directly benefit the country’s economy. India’s present government too seems to be decided to bring about this tax reform. Of late, “The Joint Committee On Business Processes for Goods and Service Tax” had made people as well as invited comments on four important reports presented by it. These four reports were on four different process of business, underneath Goods and Service, namely –