The GST stands for the Goods and Services Tax and it was introduced by the Indian Government on 1st July 2017. In this system of tax, the tax is only taken on the net profit when it delivers from the manufacturer to the customer. The amount that any person pays on the purchase of goods, service or profit to the Government of India is known as Tax. Before the GST the tax system was having 17 different taxes on each and the tax system was varying from states to states. It means that the tax system was different for each state before the GST. Now all the states have the same tax system ie Goods and Services Tax (GST).
The time required for the registration of Goods and Services Tax can be up to 10 days. Once the documents are submitted to the Rajstartup, we initiate the process of registration.
The Tax slab are the categories of the tax system which is implemented on the various products
The zero percent tax is implemented on the books and fresh vegetables. The products that we use in very less amount is classified into this category and also known as exempted use.
The Five percent is tax is implemented on the small restaurants and tickets such as train tickets and bus tickets. The people use this category product wildly in a very rich amount.
These products that are used by the people normally have 12-18% of tax and the products such as mobile and electronic devices can come in this category.
The 28% percent of the tax is implemented on the luxury use of the people. The products that come in this category can be Jeans, Air coolers and Five Star Hotels.
The Direct Tax is the tax in which the people of India pays directly to the Government on purchasing any of the product. Income Tax comes in this category and it is directly paid by the person to the Government of India.
The tax which is paid through any third party to the Government of India is called Indirect Tax.
Before the Goods and Services Tax system, the cascading effect on the taxes was done. The cascading effect means the taxes were implemented on the same tax. The multiple taxes are applied to the same product in this cascading effect.
The GST calculator helps the people to calculate the taxes applied on the Goods. The calculations are made easy by the GST online calculator and are used by the people to avoid the mistakes.