GST

GST Goods & Services Tax Law The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionize the way we do our taxes.

But what is GST and how will it reform the current tax structure? And most importantly, why does the country need such a huge overhaul in its taxation policies? We answer these pressing questions in this in-depth article. When Goods and Services Tax is implemented, there will be 3 kinds of applicable Goods and Services Taxes: CGST: where the revenue will be collected by the central government SGST: where the revenue will be collected by the state governments for intra-state sales IGST: where the revenue will be collected by the central government for inter-state sales In most cases, the tax structure under the new regime will be as follows: Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.