What is GST in India?| All You Need to Know about GST
GST is the biggest indirect tax reform post-Independence. GST has replaced various indirect taxes, which were earlier levied by the Central and State Governments.
In this video, we will tell you what is GST, the tax slabs under GST and how it will reduce the cascading effect of taxes.
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GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services.
It is a destination-based tax. GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation.
GST Includes CGST,SGST,IGST,UTGST and compensation cess.
There are five slabs under GST:
Nil or 0% Tax Rate on all essential consumer goods like milk, fruits, grains etc.
5% Tax Rate on all daily use items such as Coffee, tea, spices, etc.
12% and 18% tax rates will be applicable on non-essential daily use items like milk products, mobiles, etc.
28% tax rate is applicable to luxurious items.
You can refer to our guide on GST for more information:
https://www.hrblock.in/gst/guides
This guide will also help you answer some frequently asked questions such as:
Is GST Applicable to me?
What documents are required for GST registration?
What is GST Identification Number?
How do I Verify GST Number of my vendor?
What are the types of Invoices under GST?
What is eWay Bill and How to generate it?
What is Composition Scheme in GST?
About H&R Block India:
GST Service by H&R Block was initiated to cater to both big and small businesses, who either do not have internal resources / bandwidth to handle GST compliance or simply want to outsource the entire GST compliances.
H&R Block’s GST Services are designed to take care of all your GST requirements right from helping you with registering your business with GSTIN, to creating GST compliant invoices for all your vendors and customers and finally making sure that GST returns are filed accurately and in a timely manner.
One of the Key differentiators of our GST Service as compared to any other offering is our fully managed GST Compliance service. Our GST experts take care of end to end GST tax filing compliances and we even have an in-house GST ‘Center of Excellence’, which makes sure that our GST experts are updated with the latest developments in GST. This way we can take care of the entire process right from registration to reconciliation in the most efficient way.
Check out our GST Products and Services : https://www.hrblock.in/gst/
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