what is GST and what r the characters of GST?
Answers
Answer:
GST is a consumption based tax and a comprehensive indirect tax which shall levy on the supply of goods and services. Presently, Indian indirect tax structure is very vast and complex. Under indirect tax ambit, we have Central Excise, Service Tax, Central Sales Tax, 31 VAT laws, Luxury tax, entry tax, etc.
Explanation:
Subsuming of 17 taxes at Central/States level.
Consumption Based Tax.
One Tax rate across the country.
Taxable event – “Supply of Goods or Services”
No differentiation in Goods or Services.
Comprehensive tax on Goods & Services.
No tax on tax.
Free flow of credit.
The GSTIN consists of 15 digits. The first 2 digits can range from 01-35 and indicate the state code for the registration as per the Indian Census of 2011. The next 10 digits are the PAN number of the GST registered entity. The 13th digit of the GST Number is the entity code.
Hope it helps you, mate
Hieee....
=> The GSTIN consists of 15 digits. The first 2 digits can range from 01-35 and indicate the state code for the registration as per the Indian Census of 2011. The next 10 digits are the PAN number of the GST registered entity. The 13th digit of the GST Number is the entity code.