Question

plz can anyone explain me gst??​

Answer 1

Answer:

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The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.

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Answer 2

Answer:

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

Step-by-step explanation:

In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

Different types of GST:

Central GST (CGST): GST paid on each transaction is divided into two equal parts: the part for the Centre is termed as CGST.

State GST (SGST): The part of a state’s share of GST, when a transaction takes place within the state, is called SGST.

Union territory GST (UGST): When a transaction takes place within a union territory (UT) without a legislature, the part of GST that the UT gets is called UGST.

Integrated GST (IGST): When a transaction takes place between two states/UTs or between a state/UT and any foreign territory, IGST is levied without any bifurcation on the applicable GST rate.

Items that are not taxed or covered under GST:

There are a few products, which were not under the purview of GST till long after its launch.

Alcohol for human consumption: On alcohol, the power to tax remains with the states.

Petroleum products: GST was not imposed on five petroleum products — crude oil, diesel, petrol, natural gas and ATF.

Tobacco: Along with GST, the Central Government has the power to levy additional excise duty on tobacco products.

Entertainment tax: The power to decide on entertainment tax levied by local bodies remains with the states.

Also, there are some exceptions on Indian Railways tickets, where instead of the destination, the origin of the journey is taken into consideration. For example, if Rajdhani Express is registered in Delhi, on the tickets from Delhi, CGST and SGST will be levied, while IGST will be charged when the journey originates at a place other than Delhi.