What is GST?

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What is GST?

• myGSTzone answers what is GST and more to all
  your GST vows

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TABLE OF CONTENT

1. What is GST?
2. Breakdown of GST
3. Comprehension of GST based on transactions
4. GST in India
5. GST for Local brands, SMEs, Businesses and
   Start-ups in India
6. How myGSTzone helps you to fast track your GST
   Registration and GST Filing?

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What is GST?

• GST stands for Goods and Services Tax. GST is
  imposed on value added goods and services that
  are sold for domestic consumption. GST has
  replaced many indirect taxes in our nation. It
  was enforced on 29th March, 2017 and came into
  effect on 1st July 2017.GST is paid by the
  consumers but is remitted (to the government) by
  the enterprises selling goods and service. GST
  generates revenue for the government.
• GST is the multi-stage, comprehensive,
  destination-based tax that is imposed on every
  value addition. Simply put, GST is an indirect
  tax imposed on the goods and services. GST has
  replaced many indirect taxes.
• GST one indirect tax for the entire nation. 
• Example Let us consider the example of a biscuit
  manufacturer for understanding What is GST? The
  biscuit manufacturer buys flour, sugar and other
  ingredients. He makes biscuits from it and thus
  adds value to it. Then it goes to the warehouse
  where it is labeled. There is value addition here
  too! Finally, the retailer packs these biscuits
  in small packets and does some marketing for the
  same. GST will be imposed on these value
  additions. The monetary worth increased at each
  stage will be taxed and levied on the buyer of
  the end product.

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Breakdown of GST

• Let us now decipher "What is GST? by breaking
  down GST into its constituent parts.
• CGST Central GST  Levied by the Central
  Government towards a sale occurring within the
  state(Eg Within the States of India)
• SGST State GST  Levied by the State Government
  towards a sale occurring within the state(Eg
  Within the states of India)
• IGST Integrated-State GST  Levied by the
  Central Government towards a sale occurring
  between two states (Eg Goods from one state sold
  to another state in India)

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The below table helps us to comprehend What is
GST? based on the transactions
Transaction Tax During Present Government Tax During Previous Government More information
Sale within State CGST SGST VAT Central Excise/Service tax Tax revenue is shared by both the union and state governments equally
Sale to another state IGST Central Sales Tax Excise/Service Tax For inter-state sales, only one kind of tax levied Central. The union government will then share that revenue depending on the destination of the goods.
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For instance

•  Let us assume that a dealer in Chennai has sold
  goods worth 50,000 INR to a dealer in Bangalore.
  Only IGST will be imposed on this transaction. 18
  percent IGST, that is, 9,000 INR will be
  collected by the Central Government from the
  dealer in Chennai.
• The same dealer now sells goods (with the same)
  worth, 50,000 INR to a consumer within Chennai.
  The GST imposed on this transaction will be 12
  percent. That amounts to 6,000 INR which will be
  split equally between the Union Government and
  the Chennai government (6 percent or 3,000 INR
  each)

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GST in India 

• Now, let us know more on What is GST? in our
  Indian context. India is home to 1.3 Billion
  people and is one of the fastest growing
  economies in the world. According to Brookings
  institution of America, the economy of an average
  urban state of India ranged from 167 to 370
  billion in 2016. Although Indias GDP was hit by
  GST initially, traders have realized the
  advantages of GST off-late. Most welcomed the
  online mode of taxation as it was quick and
  transparent. But, traditional traders who were
  not tech-savvy were found wanting. Earlier we had
  a cascading effect or tax on taxes. With the
  onset of GST, India has overcome this effect and
  there will be no more tax on tax. But you need
  not worry about your GST needs any more thanks to
  MyGSTzone. They will do the job for you, If you
  are a business owner in India we suggest you to
  opt for MyGSTzone for a painless transition to
  GST enabled business.

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Are you a Local brands / SMEs / Businesses /
Start-ups in Chennai or rest of India?

• If you are a small or medium business looking to
  get your enterprise registered for GST, then you
  can delegate it to MyGSTzone. For any trade or
  business in Chennai, getting your GST
  registration is a very important thing. MyGSTzone
  will work on it on your behalf. This will make
  your business GST ready. If you are a start-up or
  a local brand, getting your GST number is
  mandatory to run your business legally and we
  would suggest you to entrust that responsibility
  to the experienced legal advisors at MyGSTzone.

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How myGSTzone helps you to fast track your GST
Registration and GST Filing?

• MyGSTzone will help you to file your GST returns
  every month. They will send you reminders too and
  make GST filing a childs play for you! Making
  sure that you dont miss any of it, you will be
  receiving month-on-month reminders regarding your
  GST filing dates. Along with that MyGSTzone will
  make sure that you stay in touch with latest GST
  updates and reformations. Be it GSTR-1, GSTR-2,
  GSTR-3B and so on.

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• In the above article, we have tried to answer
  What is GST?. We have also analyzed its effect,
  mainly in the major Indian cities like Chennai,
  Bangalore, Kochi, Mumbai, Hyderabad, Bhubaneswar,
  Kolkata, Guwahati, Delhi, Lucknow, Patna, Indore,
  Ahmadabad, Surat, etc. We feel that GST has saved
  India from cascading effect (tax on tax) while
  making the process transparent and quick. If you
  want to get your enterprise registered or you
  want a professional to manage all your GST
  returns, we strongly recommend MyGSTzone. We
  are finally moving towards making GST Good and
  Simple Tax, as tweeted by our Hon. PM Narendra
  Modi during its launch.

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