GST (Good and Service Tax) is a value-added tax applied to the cost of certain goods and services. Learn more about what GST is in this guide by QuickBooks.
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GST is a newly passed bill which calls for a common tax over the nation and just one single type of tax filtering ll the extra and indirect taxes. It will replace VAT, service tax and excise in every business that will have to mandatorily register under it. The cost of tax on all...
The applicable GST rate on sarees is 5%, including CGST and SGST. In this case, the SGST rate would be 2.5% (half of the total GST rate). Therefore, the SGST amount on the saree would be calculated as follows: Calculation of SGST: SGST = (SGST rate/100) * Sale value = 10,...
Nowadays lots of discussion are going on in newspapers, periodicals and television channels regarding the GST bill. Some experts say that passage of this bill is extremely important for steady and robust development of economy of the country. Some other experts mention that this bill will help the...
Curious about Goods and Services Tax (GST)? Discover why it is considered an indirect sales tax and what are the main differences with VAT.
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GSTIN and GSTN are two terms that are often confused by many people. However, they are very different from each other. Here is a clear definition and comparison of GSTIN and GSTN: Why is GSTIN Required? Operating your business legally in India requires a GSTIN number. This applies if ...
GST stands for goods and services tax and whether you pay it or not will depend on the turnover threshold. Learn everything about GST in this guide.
How Does The GST System Work There are a couple of different ways in which the GST system works. The most common is having a single unified GST system. This means that the central taxes and state-level takes are combined into one single tax amount that your business pays upfront. Other ...