The full form of GST is Goods and Services Tax. It was first introduced in the Budget Speech presented on 28th February 2006. It laid the foundation for a complete reform of India’s indirect tax system. Finally implemented on 1st July 2017 as the Goods and Services Tax Act, the indirect taxation system thus went through a chain of amendments since its inception.

With this tax reform, GST replaced multiple indirect taxes that were levied on different goods and services. The Central Board of Indirect Taxes and Customs (CBIC) is the regulatory body governing all changes and amendments regarding this tax.

GST definition is easy to decode. It is a destination-based, multi-stage, comprehensive tax levied at each stage of value addition. Having replaced multiple indirect taxes in the country, it has successfully helped the Indian Government achieve its ‘One Nation One Tax’ agenda.

The tax is levied on goods and services sold within India’s domestic boundary for consumption. Implemented by a majority of nations worldwide with respective customisations, the tax has been successful in simplifying the indirect taxation structure of India.

GST is levied on the final market price of goods and services manufactured internally, thereby reflecting the maximum retail price. Customers are required to pay this tax on a purchase of goods or services as an inclusion in their final price. Collected by the seller, it is then required to be paid to the government, thus implying the indirect incidence.

The GST rates on different goods and services are uniformly applied across the country. Goods and services have, however, been categorised under different slab rates for tax payment. While luxury and comfort goods are categorised under higher slabs, necessities have been included in lower and nil slab rates. The main aim of this classification is to ensure the uniform distribution of wealth among residents of India.

There are three taxes applicable under this system: CGST, SGST & IGST.

•  CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction happening within Punjab)
•  SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction happening within Punjab)
•  IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Punjab to Delhi)

•  Registered mobile number
•  E-mail id
•  PAN and Aadhar number
•  Photograph and address proof of the owner or proprietor of the business
•  Proof of business registration
•  Bank statement showing account details

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Even if you are registered under GST, you can still call our professionals and the GST registration consultant for help in any sort of correction in the application. Any false information can cause trouble for the business as well as your peaceful life and we want to avoid that. We will edit the form and resend it to the authorities a nd send the GSTIN within the time limit. Government websites will not offer such a thing while FINANCETAXSERVICES.COM do. That’s why we are the most trustworthy website platform for GST. You can even check whether your GST certificate is valid or not via FINANCETAXSERVICES.COM

The consultancy services at FINANCETAXSERVICES.COM are pocket-friendly which will be within the budget limit of the client. You can register any time anywhere by giving us a call. Trusted as India’s online GST registration platform our top GST consultants assist you in every single step of registration under GST.

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Resellers you can also call and have a business tie up.

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