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Since 2020, firststocks has been a trusted name in finance and accounting in Mumbai. Our expert team offers customized financial solutions including tax planning, accounting, and financial consulting. We’re dedicated to helping clients achieve their financial goals with personalized service and expert advice.
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Goods and Services Tax (GST) is an indirect tax introduced in India on July 1, 2017. It aims to replace multiple taxes levied by central and state governments with a single, unified tax. GST simplifies the tax structure by applying a single tax rate across all goods and services, thereby promoting ease of business operations and transparency.
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It replaced various indirect taxes like VAT, Service Tax, Excise Duty, and others, to create a unified taxation system.
There are three types of GST in India:
Businesses in India with an annual turnover exceeding ₹20 lakhs (₹10 lakhs for special category states) must register for GST. Additionally, certain businesses like e-commerce operators and interstate sellers must register regardless of turnover.
GST is calculated by applying the appropriate GST rate (0%, 5%, 12%, 18%, or 28%) to the taxable value of goods or services. The total GST amount is divided equally between CGST and SGST for intra-state supplies, or entirely charged as IGST for inter-state supplies.
Exports are zero-rated under GST, meaning that no GST is charged on exported goods and services. Exporters can, however, claim a refund on the GST paid on inputs used to produce the exported goods or services.
Since 2020, firststocks has been a trusted name in finance and accounting in Mumbai. Our expert team offers customized financial solutions including tax planning, accounting, and financial consulting.
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