Features of gst

See all full list on gst. In some countries it is also called Value Added Tax. It is a multi-stage tax on domestic consumption levied on taxable supplies of goods and services. Consumption Based Tax.

One Tax rate across the country. Taxable event – “Supply of Goods or Services”. No differentiation in Goods or Services. It is consumption tax that is collected on the basis of the value added at each stage.

Presently, Indian indirect tax structure is very vast and complex. Under indirect tax ambit, we have Central Excise, Service Tax, Central Sales Tax, VAT laws, Luxury tax, entry tax, etc. This accounting feature is used when you are doing business or handling accounting of your client who buys and sells on credit. It covers most of the businesses.

Outstanding Management contains main feature called bill wise details and interest calculation. A good GST Accounting Software would enable the taxpayers, accounting professionals and business owners to create GST ready invoices effortlessly, file GST returns, generate GST reports and manage their accounting data seamlessly. This article talks about important features that a GST Software must have. FEATURES OF GST x Single tax on supply of goods and services. The final consumer will bear only the GST charged right from the manufacturer to consumer.

GST will subsume Central Indirect Taxes like excise duty, countervailing duty and service tax, and State Levies like value added tax, octroi and entry tax, luxury tax etc. Features and Benefits of GST The tax which was previously levied on manufacture or sale of goods and provision. As against the present principle of origin based taxation, GST would function on the principle.

The exemption limit is applicable on both SGST and CGST and holds good for taxpayers. The salient features of GST are as under: (i)GST is applicable on ‘supply’ of goods or services as against the present concept on. GST is based on the principle of destination-based consumption taxation as against. It is a dual GST with the Centre and the States simultaneously. Dual GST : Dual GST signifies that GST will be levied by both, the Central Government and the State,.

Subsuming all Taxes: GST should subsume all major indirect taxes levied by. Rate Structure: It is expected that GST will be levied on the. The GST would be applicable on the supply of goods or services as against the present concept of tax on the manufacture or sale of goods or provision of services.

It would be a destination based consumption tax. GST has a 4-tier tax structure of , , , and. All the goods and services can only be taxed as per this tax structure.

Many of the essential commodities such as food items do not have any GST. Improved transparency and cheaper goods and services are two of the biggest advantages of this 4-tier structure. It is a consumption-based tax levied on the supply of goods and services. GST is a major tax reform in India’s indirect tax structure. The essence of such a tax is to integrate a host of indirect taxes into a comprehensive single tax both at the Central and State level.

The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer. Other Features Centre will levy IGST on inter-State supply of goods and services.

GST shall be levied on any tax on supply of goods and services but it is silent about alcohol. Upon notification by the GST Council, Petroleum and petroleum products such as crude,. Removal of imposition of.

These are some important Feature of GST , GST is expected to replace the plethora of indirect taxes including service tax, central excise duty, additional excise and customs duties, central surcharges and cesses, state VAT, state sales tax, entertainment tax not levied by local bodies, luxury tax, taxes on lottery, betting and gambling, tax on advertisements and state cesses and surcharges related to supply of goods and services. Some of its features include managing inventory, create bills and invoices, create account statements, balance sheet, and file GST returns. Conclusion These new features and updates on GST portal should help taxpayers to file their GST returns smoothly and without any hassle.

Monthly GST return: – All taxpayers (having previous year aggregate turnover exceeding crore ) excluding small taxpayers and a few exceptions like lSD etc.