Gst – what you need to know about it

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GST What you need to know about it
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List of taxes replaced by GST

• Service Tax, VAT, CST, Purchase Tax.
• Entry Tax, Luxury Tax, Entertainment Tax,
  Advertisement Tax.
• Central Excise Duty, Tax on Lotteries.
• Special Countervailing Duty.

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Benefits of GST

• Better transparency and compliance.
• An easy-to-understand uniform tax structure.
• Reduction in tax cascading and leakage.
• Consumers benefit from competitive pricing on
  goods and services.

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Different types of GST
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CGST

• The central government is responsible for
  collecting Central GST.

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SGST

• On intra-state sales, the state government
  collects the state GST.

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IGST

• On inter-state sales, the central government
  collects the integrated GST.

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The implications of GST slab rates

• 5, 12, 18, and 28 are the four tax slabs.
• Locally manufactured goods will fall under the
  lower slab.
• Higher slabs will be applied to luxury and
  negative items.

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GST influence on daily life

• Individuals will get better pricing on goods and
  services.
• Businesses will get rid of complex taxation
  systems.

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• Now that you are aware of the term GST, you must
  have realised the long-term benefits of the same.

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Know More GST and It's Various Facets