What Are The Main Features Of GST?

What are the main features of GST payment process?

What are the main features of GST payment process?Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan;Facilitation for the taxpayer by providing hassle free, anytime, anywhere mode of payment of tax;Convenience of making payment online;Logical tax collection data in electronic format;More items…•.

What is GST for project?

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

What is the basic concept of GST?

GST is a single, destination based indirect tax levied on the value added to goods as well as services at each stage of the supply chain. The main objective behind levying such a tax is to consolidate multiple indirect tax levies into a single tax. Thus, GST subsumes a host of taxes.

Where is GST applied?

GST is a consumption based tax/levy. It is based on the “Destination principle.” GST is applied on goods and services at the place where final/actual consumption happens. GST is collected on value-added goods and services at each stage of sale or purchase in the supply chain.

What is the date of payment of GST?

The government has revealed the due dates for the payment of GST. The GST payment due date for general taxpayers is 20th of next month while the GST payment due date for composition scheme dealers is 18th of next quarter.

What are the advantages of GST?

GST is aimed at reducing corruption and sales without receipts. GST reduces the need for small companies to comply with excise, service tax and VAT. GST brings accountability and regulation to unorganised sectors such as the textile industry.

Is GST good or bad?

The Good, The Bad The major advantage is that it compels all businesses to come under the ambit of this reform. The unified tax system and easy input credit avoid cascading effect of all the taxes. Since this tax system is applicable all over the country, it removes the barriers of interstate movement of goods.

What is GST advantage and disadvantage?

GST is levied only on the value of the good or service. • Abolition of Multiple Layers of Taxation : One of the advantages of GST is that it integrated different tax lines such as Central Excise, Service Tax, Sales Tax, Luxury Tax, Special Additional Duty of Customs, etc.

How is GST calculated?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.

What type of tax is GST?

GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central.

Can GST be paid by Cheque?

Payment Options Over the counter (OTC) payments can be made if the GST payable is less than Rs. 10,000. The amount can be paid by cash, cheque, or Demand Draft (DD).

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

When Should GST be paid?

As per the guidelines, every registered regular taxpayer must make GST payment with a due date – 20th of every month along with the submission of GSTR-3B return. The GST payment can be made online – promising a seamless and transparent experience.

What is GST and its features?

Features of the new Goods and Service Tax (GST) System. The Goods and Services Tax, or GST is a major indirect tax reform introduced in India by integrating the major indirect taxes of the centre and states. It is a comprehensive tax levied on the manufacture, sale, and consumption of goods and services.

What is CGST and SGST explain the salient features of GST?

The salient features of GST are as under: … (iii) It is a dual GST with the Centre and the States simultaneously levying tax on a common base. GST to be levied by the Centre would be called Central GST(CGST) and that to be levied by the States would be called State GST (SGST).