GST/GOODS AND SERVICE TAX
GST stands for Goods and Services Tax, which is a unified indirect tax system implemented in India from 1st July 2017. GST is levied on the supply of goods and services across the country and has replaced multiple indirect taxes like excise duty, service tax, VAT, and others. Under GST, all goods and services are categorized into five tax slabs - 0%, 5%, 12%, 18%, and 28%, based on their nature and usage. In addition to these tax slabs, certain goods and services are also exempted from GST. GST is a destination-based tax system, which means that the tax revenue is collected by the state where the goods or services are consumed, rather than the state where they are produced. GST is administered by the GST Council, which is chaired by the Union Finance Minister and comprises representatives from all the states and union territories. To comply with GST regulations, businesses need to register for a GST identification number (GSTIN) and file regular GST returns. GST has simplified th...
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