Everything You Should Know about the Goods and Services Tax in India

One of the largest changes in indirect taxation is the Goods and Services Tax (GST) in India. It revolves around the idea of destination-based consumer taxation and became applicable across all of India on July 1, 2017.

GST History in India

In order to establish a uniform tax system throughout the nation, the Indian government established the Goods and Services Tax Council or the GST Council. The Union Finance Minister, the Minister of State for Revenue and the State Finance Ministers make up the GST Council. This council makes decisions regarding the GST rate, exemptions, thresholds, subsuming taxes and other issues.


In India, the following taxes are merged under the GST:

  • Combined Excise Tax
  • Excise duties (Medicinal and Toilet Preparations)
  • Additional Customs obligations (CVD)
  • Customs’ Special Additional Duty (SAD)
  • State Real Property gains Tax and Service Tax (VAT)
  • Tax on Central Sales (CST)
  • Taxes on entry, purchases and luxury
  • Lottery, betting and gambling-related taxes


The Organisation of the Indian GST

It is crucial to remember that the GST must benefit both the state and the centre in the Indian context. With this objective in mind, the GSTC developed a dual GST method that gave the centre and the states the authority to charge the tax simultaneously.


As a result, the following elements make up the current GST structure:


  1. Central GST (CGST)

The Central Indian government imposes CGST on the shipment of goods and services inside individual states. The price paid or payable for the specified supply of goods or services is referred to as the transaction value.


  1. State GST (SGST)

The term “SGST” refers to the GST that certain State governments apply on trade, services, and commerce conducted entirely within the State (State-GST). As the transaction took place within the state, the State government here is compensated through SGST.

  1. GST for Union Territory (UGST)

Instead of the State government, the Central government collects the GST in Union territories like Chandigarh, and this tax is known as UGST.


  1. Integrated GST (IGST)

The central government would charge IGST on all interstate sales of goods and services. On all interstate exchanges of taxable goods and services, the centre would impose IGST (CGST plus SGST). 


SM Gupta & Co. provides GST Consultants in Kolkata. Here, you can get highly skilled GST Consultants who will help you to understand things better. To know more about us, get in touch. 


Blog Income Tax Consultant Income Tax Returns Tax Consultants Tax Services Uncategorized

Can Hiring A GST Consultant be Beneficial for Your Business?

The Goods and Service Tax, simply known as the GST, is a Pan India tax. All kinds of manufactured products and services fall under this tax scheme. It is mandatory for different businesses to submit annual GST reports and returns.

Provisions of GST in Kolkata:

The GST has different provisions and exceptions. Many business owners may find it difficult. It has four different tax slabs, and the total tax gets divided between the State and the Central Government. The count of total tax amount depends on the revenue amount and the size of the business.

Third-Party Consultants:

It is not possible for the corporate to look over the different rules of this tax. This is why many businesses opt for outsourcing GST Consultants in Kolkata. They are a professional who has in-depth knowledge of this taxation system.

Why Hire A GST Consultant?

The GST Consultants are Government appointed individuals. Their primary work includes filing tax returns on behalf of a business. Advocates, Sales Tax Practitioners and Chartered Accountants are suitable for this role.

  • A business can get various advantages by outsourcing a GST Consultant. They are specialists who ensure a timely and hassle-free tax return.
  • A GST Consultant is a professional who has studied the complex structure of the tax. They can provide ample information against the queries regarding tax.
  • They are a professional who can handle all tax-related problems with ease. They can manage the objections of various Financial Departments against the tax return or audit.
  • The most important task of a GST Consultant is to file the tax on time. They can provide quality assistance to submit the reports in time. The company avoids the payment of any tax penalties.
  • Understanding the tax is essential before filing the return. The consultant researches the various aspect of tax to remain prepared for any issues in the future.

The best way to file GST on time is to consult a professional. They can keep the company free from the worry of late filing. They can save a lot of money. Before outsourcing a consultant, it is important to check the reputation of the company.

One can hire professional GST Consultants in Kolkata from SM Gupta & Co. They are an experienced source where one can get help in different financial activities. Their team consists of qualified tax auditors, financial advisors, and GST Consultants. Their professionals comply with the tax and ensure timely submission.