What is GST in India?

The full form of GST is Goods and Service Tax. It is an indirect tax that is levied on the supply of goods or services in India. GST can also be termed as a Consumption Tax. GST is also a value added tax levied on most of the domestic consumption of goods and services, in India.

Everything you wanted to know about GST and the GST government portal

Goods and service tax is levied at every step, in the process of production. But this GST, which is charged to all, in the process of production, is ultimately returned to all parties, which were in the production chain. Only the final consumer has to bear the burden of Goods and Service Tax.

The GST is paid by the consumers or by the end users. This GST is remitted back to the Indian Government by the businesses, who are selling the goods and services. GST is the revenue provider for Government of India.

When was Goods and Service Tax imposed?

This Goods and service Tax was brought to effect on and from July 1st, in the year 2017. Goods and Service Tax was brought to effect through an implementation of the One Hundred and First Amendment of the Constitution of India. This GST was brought to effect by Government of India.

This new tax replaced the existing, a number of various taxes, which were previously levied on the final consumer, by both the State Governments and the Central Government of India.

Who governs the Goods and Service Tax?

The rates of Goods and Service Tax, the rules and the regulations related to GST, are all governed by GST Council. This GST Council comprises of the Finance Minister of India, and the Finance Ministers of all the states, in India.

Why GST was brought into effect?

GST was a process of simplifying the process of Consumption Tax, that was previously existing in India. GST in turn simplified a number of indirect taxes and turned them into a unified Consumption tax system.

It is highly expected from the Goods and Service Tax to dramatically restructure and reshape the national economy of India. The national economy of India currently amounts to US $ 2.4 trillion.

How Does the Goods and Service tax work?

The Goods and service Tax is a tax based on consumption of goods and services in India. This GST is levied in India on sale, manufacture and consumption of goods or services. This is a national level tax, which substitutes all other indirect taxes, which were previously being levied by all the State Governments and the Central government of India.

Only a registered person in GST can charge and collect GST from the consumer, on the taxable supplies of goods and services, made by the GST collector. GST is charged on the selling price of the product that is supplied. This amount of GST incurred in input or the Input Tax, can be easily deducted from the amount of GST charged or the Output Tax, by a GST registered person.

How many types of GST is in India?

There are three types of GST in India. They are:

  • Central Goods and Service Tax or CGST.
  • State Goods and Service Tax or SGST.
  • Integrated Goods and Service Tax or IGST.

What are the slabs of GST in India?

Goods and services are divided into five slabs of taxes, for collection of tax. They are:

  • 0% goods and services.
  • 5% goods and services.
  • 12% goods and services.
  • 18% goods and services.
  • 28% goods and services.

There are different products and services categorised in these five slabs of GST.

The official web portal for GST from Government of India

There is an official web portal designed, managed and maintained by Government of India on all the information regarding Goods and Service tax and the ways for making an easy payment of GST for GST collectors. This web portal is known as GST.gov.in.

This web portal provides total information about Goods and Service tax in India from the date of its inception to its date of implementation.

All those, who have to deal with GST, must visit this web portal of Government of India, at www.gst.gov.in/ This web portal is commonly known as GST portal.

This GST.gov.in is an online guide for those users, who need to understand the GST and its mode of payments in a better way. GST.gov.in makes the user’s experience with a GST as a breeze.

About GST.gov.in portal-

The home page of this GST portal, one can find many drop down menus. The user can access various useful features and services of the website, on the drop-down menus.

Services Dashboard in Login Portal-

The services in the drop-down menu are-

  • Registration-in GST and to obtain GSTIN.
  • Payment- to generate challans of payments of GST.
  • User Services- all information made available through quick link services, regarding holidays, grievances etc.
  • Refunds- to have updates in refund application status.

Guide to GST Law-

It provides all the acts, rules, amendments and notifications related to GST, those are issued by the Central or the State Governments from time to time.

Offline GST Tools available under the Downloads Menu-

These tools help the GST payer to file various returns and forms, which are available under this tab. The list of tools contains Returns Offline Tool, TRANS 1 and 2 offline tool, GSTR 3B offline utility tool, ITC 01, 03, 04 offline tool, GST ARA 01, the application for advance ruling, GSTR 4 offline utility and GSTR 11 offline utility.

This GST.gov.in portal has exclusive menus for:

Why should consider early GST by H&R Block?

gst gov in Search Taxpayer Menu.

Help Menu

E way Bill System.

All these menus are helpful in providing information a GST taxpayer seeks about various queries those are in her/his mind. These menus are exclusively designed to provide every relevant information about GST and about how and when to pay GST, especially to the first-time user of this portal.

This GST.gov.in makes the entire process online, so that the tax payer does not waste her/his time and can do everything online, efficiently, effectively and punctually and on time.