GST
GSt being the hottest topic of discussion these days have made everyone curious. The mass of people who ought to be having its complete knowledge are accounts professionals, CAs , manufactures etc and not just theoretical knowledge but practical as well.
These days you can easily gain knowledge about what so ever you want to and get yourself practically trained. Tally Training Institute in Chandigarh would definitely provide you the best training. This would be a golden chance for the newbies, as GST will be included in the whole syllabus, you do not have to pay separately.
But before that, you must have an idea of what you are going to study. So, let's give you a brief description about Goods and Service Tax.
What is GST?
GST (Goods and Services Tax) is an indirect tax to be implemented by 1st of July,2017. It has been introduced after passing the 122nd Amendment Bill , as “The Constitution Act 2017”. GST will be replacing various taxes levied by the Central and State Governments. It would include all the stages from manufacturing of goods to its’ consumption.
GST structure has been finalised as per the requirement of the goods. The essential goods would be having lower tax rates, whereas it would be increasing for luxury and Sin items. The Council has finalized the Goods and Service Tax structure as a four-tiered tax structure of 5%, 12%, 18% and 28%. There are items without tax also but luxury items may attract additional taxes as well.
The taxes subsumed by GST are :
- Central Excise Duty
- Food Tax
- Central Sales Tax (CST)
- Octroi
- Entertainment Tax
- Commercial Tax
- Value Added Tax (VAT)
- Entry Tax
- Purchase Tax
- Commercial Tax
- Value Added Tax (VAT)
- Luxury Tax
- Advertisement taxes
- Taxes applicable on lotteries
Government has adopted dual GST Model that means, both the central Government and State Government will be administrating taxation. The transactions made with in the state but with Central GST(CGST) will be administered by Central Govt. and transactions with state GST(SGST) by State Government. And in case of inter-state transaction, there is Integrated GST(IGST) administered by Central Government.
So, this was an introduction of GST for you. And in order to have a complete knowledge about the same go for Tally Training in Chandigarh which is provided by CBitss Technologies.
