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GST Registration Agency In Bangalore
GST stands for Good and Services Tax In Bangalore. GST is a new form of tax that replaced all the central and state taxes such as excise duty, value added tax, entry tax, services tax, countervailing duty, luxury tax, advertisement tax etc.
GST stands for Good and Services Tax. GST is a new form of tax that replaced all the central and state taxes such as excise duty, value added tax, entry tax, services tax, countervailing duty, luxury tax, advertisement tax etc. It is proposed to be imposed at all stages right from the production up to final consumption. GST avoided the cascading effect of taxes. It helped the Indian government to achieve its ‘One Nation One Tax’ agenda.
GST came in to effect from 1 July 2017, through the 101st amendment. GST is levied in the final market price of goods and services. It will reflect in the maximum retail price. Customers have to pay this tax for the purchase of goods and services GST Registration Agency In Bangalore. This is then collected by the seller and it is required to be paid to the government. Petroleum products such as high speed diesel, natural gas etc., alcoholic drinks and electricity are exempted from GST.
GST ended the multiple taxation at different levels of the supply chain. The supply of an item will not be hindered by the state boundaries and taxes. The reduced tax burden reduced the price of many items for the consumers.
CGST is the tax that is charged on the transactions of goods and services by the central government which is governed by the CGST Act, 2017. CGST put back the central taxes of excise duty, sales tax, service tax, additional excise duties, CVD, SAD etc. The revenue collected under CGST is for centre. However some input tax credit on CGST is given to states. At RPGS Associates, your wish or requirement is our mission for which we do not shy away from giving an extra mile to ensure every bit of satisfaction for you. RPGS Associates is not just a company that provides you with elite services in business audit, accounting and setup,GST Registration agency In Bangalore, it is a highly recognized group of talented accountants and business gurus who have come together to revolutionize the very domain of finance.
In SGST the state has taxation capabilities. This is charged on the various transactions of goods and services by the state government. SGST replaces state sales tax, value added tax, luxury tax, entertainment tax, taxes on lottery, betting and gambling, entry tax not in lieu of octroi, state cesses and surcharges which is related to the supply of goods and services. The interest collected under SGST is for the state
The Goods and Services Tax for the supply of goods and services in the union territories such as Chandigarh, Lakshadweep, Andaman and Nicobar Islands, Dadra and Nagar Haveli and Daman and Diu, come under UTGST. This came in to effect as a result of a separate act implemented for Union Territory states to impose and administer GST in India.
IGST is levied for the movement of goods and services from one state to another. The revenue collected under IGST is shared by the state government and central government as per the rates fixed by the authorities according to the law by parliament on the guidance of the Goods and Services Tax Council.
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