Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax levied on every value addition in India. It simplifies the indirect tax structure by replacing multiple taxes with a single, unified tax regime.
GST offers a comprehensive and continuous chain of tax credits from the producer’s point/service provider’s point up to the retailer’s level/consumer’s level thereby taxing only the value-added at each stage of the supply chain.
India has adopted a dual GST model because of the federal structure of the country. Consequently, Centre and States simultaneously levy GST on the taxable supply of goods or services or both which, takes place within a State or Union Territory. Thus, tax is imposed concurrently by the Centre and States. GST extends to the whole of India including the State of Jammu and Kashmir
GST is a destination-based tax applicable on all transactions involving the supply of goods and services for a consideration subject to exceptions thereof. GST in India comprises of Central Goods and Services Tax
(CGST) – levied and collected by Central Government
(SGST) – levied and collected by State Governments
(UTGST) – levied and collected by Union Territories
(IGST) – levied by Centre on all inter-State supplies
Registration of GST takes the shortest time and can be completed within a min. of 2-3 days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.
Rajesh M & Company is a Hyderabad-based Chartered Accountants’ firm providing Auditing, Accounting, Registration, Taxation and other Financial Services.
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