Friends, if you want to know about GST full form , then you have come to the right website . Which items have been kept under the direction of GST, when was the introduction of GST and many more questions that come to your mind, all the solutions will be found. Friends, whenever we buy any goods, a tax is imposed on it, it is called GST. Friends, this word GST is associated in 2017 itself, before that if we used to buy any item, then many types of tax were seen on the bill, such as VAT , central excise tax, luxury tax, service tax .There used to be many such texts. But on July 1, 2017 to simplify the tax process and increase transparency, a framework was prepared by adding all the tax together and named that tax as GST. So let’s go friends GST Know in detail about the full form –
What is full form of GST ,GST full form
Full form of GST – Goods and Service Tex . Which is made up of two words-
Goods and service tax.
GST – Goods Service Tax
Goods means goods or products , Good refers to all movable assets, that is, all the goods that are transported, such as crops, grass and land , are included in GST , and service tax means Service tax means that the tax levied on the goods for which you provide public service is called service tax or service tax.
Why is GST needed ,Why need GST, Needs of GST
Friends, no matter where the country is in the world, only Tex is the source of its money, the government needs money to run its business, which is accelerated by Tex and that Tex government collects from the people.
Note
The GST Council has prescribed four types of slab tex under the GST slab, which is 5%, 12%, 18%, 28%, in which more than 1300 types of goods and 500 types of services have been fitted.
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Types of Tex
There are two main types of India
Direct tax
Friends, the tax which is levied on the income of the person, we do it direct tax, the tax which we can calculate, how much income we got and how much tax was imposed on this income. These direct taxes include house rent, your salary, your bank balance, etc. This tax depends more or less on your income. The higher your income, the more you will have to pay tax, it means to say that direct tax is more for the rich than for the poor.
indirect tax
Friends , direct tax is levied on the income of the person whereas indirect tax is levied on goods. The tax levied on goods is called indirect tax. We do not see this tax as if we bring a packet of biscuits from the market, then we have to pay 5 rupees for it, which also includes GST, which is paid by the shopkeeper.
Friends, indirectly the government used to complicate the process of that tax by imposing many taxes on the packing material, and the new government started a new tax system to show all these indirect taxes in a transparent process, which is named as GST.
When was GST implemented in India?
The full name of GST is Goods Service Tax, which is called Goods and Services Tax , this is the new tax system of the government, which was passed in the Parliament on 29 March 2017 by the GST Act, and on 1 July 2017 it was implemented in the whole country. Which was aimed at improving the economic condition of the country and effectively implementing taxes and dealing with those cars.।
Types of GST, Category of GST
The government has also placed GST in many categories, for which both the central and state governments levy GST,
Following are the types of GST-
CGST (State Goods and Service Tax)
The control of the amount collected under this tax will be with the Central Government, the full name of CGST is State Goods and Service Tax.
SGST (State Goods and Service Tax)
In this, the tax levied by the state government is included, whatever amount will be collected under SGST will be owned by the state government. The full form of SGST is State Goods Service Tex, it includes the tax levied on the services and goods provided within the boundaries of the state, under which state income tax, instrument, luxury car, customs duty, entry tax etc. It’s included.
IGST (Integrated Goods and Service Tax)
In this, whatever amount will be received from IGST, it will be paid by both the state and central government, the full name of IGST is integrated goods and service tax. This tax mainly applies to the payment of international delivery cars and services. For example, if a commodity is being imported or exported from any other country into India, then the tax levied on that item is kept under the IGST category, with this if there is an import or export between two states, then this tax seems to be for example. For example, if there is import and export between two states like Rajasthan and Gujarat, then IGST will be applicable on it.
The tax which is levied on equal and service in union territories is called UTGST. UTGST means Union Territory Goods and Service Tex, it is called Union Territory Goods and Services Tax , UTGST is applicable to all Union Territories all over India, and to implement these tax properly. The responsibility of the Government of India lies with-
Some GST examples to understand
If an item is made in the state of Haryana and that item is sold in Rajasthan, then two types of GST are levied on that item, first that GST is taken from the central government and second GST when a goods enters from one state to another. If so, he has to pay an SGST in the form of customs duty and state service tax, thus the total GST.
Total GST = CGST +SGST
In this way, the amount of this GST is divided into two parts on the basis of tax
1 If you buy a camera from a shop, then a total of 18% GST will have to be paid on it, everything will be clearly given inside your GST paid bill that 9% CGST and 9% SGST will be thus total your GST 18 % Will happen.
2 If the goods are distributed in any state and that goods are sold in another state, then IGST is charged on the goods sold, on which both the central and state governments will levy GST, but the entire tax amount is given to the central government. Will go
Rates of GST
Friends, according to the rules of GST, many items have been kept out of GST, there are different types of GST rate on the items used in daily life, which include 5%, 12%, 18%, 28% etc. rates are fixed,
5% tax
Friends, the items used in daily life, which have been kept under the preview of sales, include the following types of goods-
In items up to Rs 500
edible oil
milk powder
milk food
packing cheese
broom
Fabric
tea – sugar
Bhangde
coffee
500 to 1000 rupees items
Cotton fiber
clothes
Cell
solar cell
News print
playful
Coal
Domestic LPG Gas
12% tax
Under this tax, some goods come only which would come under 5% tax, if that item is of low price then it comes in the category of 5% Tex , if the same item comes in expensive price then 12% Tex on it. It will seem like if you buy clothes up to Rs 500, you will have to pay 5% GST, if you buy clothes in the range of Rs 1000, then you will have to pay 12% GST.
18% tax-
Friends, if we buy agile or juggling above 500 rupees, then you will have to pay 18% GST, thus there are many such goods which attract 18% GST, in which-
freeze
air conditioner
electronic items
Mobile
Computer
man-made fiber
jam
Shoup
passata
Ice Cream
tissue paper
Facial
iron and steel
fountain pan
Toothpaste
soap
hair oil
capital goods
corn flux
Etcetera .
28% tax
Such items have been kept in the direction of this 28% GST, which are permanent and do not have food and drink, which makes your lifestyle mordant, these include the following items-durable goods like
similar to macap
shampoo
shunt
powder
cement
Fireworks Flowers
Motorcycles etc.
Friends, in India, 81% of the goods are kept below 18%Tex i.e. they will attract less than 18% GST and the remaining child is 19% same which comes above the category of 18% GST.
GST globally
Friends, the first country in the world to implement GST is France, in which GST was implemented in the year 1954, India’s GST decision has been highly appreciated all over the world. ,uk, australia, singapore, vietnam, spain, nigeria, italy, south korea, and there are many countries in which VAT is levied in place of GST,
GST free item
Industrial equipment
Fertilizer
tea
coffee
Vegetables
Spices
musical instrument
Drugs
Medicines’
Nuts Live Tree Plants
food grain
Live animal
fish
meat
Plaque etc.
Benefits of GST
transparency system is
Friends, GST is an advanced step taken by the government, in which the tax system has become very easy, through which information related to tax is easily understood by everyone, there is no complicated system in this, it is GST which is fixed. Tax has been fixed by the government for every item, so that no shopkeeper can cheat, there is transparency in the GST system. Which saves you from fraud.
tackling tax evasion or corruption
Friends, today there is no difficulty in paying any kind of tax, you can go to the main GST portal to pay your taxes and file any return by paying for your cars, you have to file with anyone. There is no need to carry it, nor is there any need to go around the office.
Support for small businesses
This GST is a very good system for small businessmen, it is easy to understand GST and if you want to take advantage of any scheme under GST, you can take it and pay a certain amount on the basis of annual turnover in your business. And the amount will be nominal, and at the same time the complexity can be easily avoided.
Businesses with a turnover of up to 50 lakhs will have to pay only 6% GST, while those with a turnover of 1.5 crores will attract only 1% GST.
Tex process easy
Small businessmen have benefited a lot from GST, they do not have any problem in paying taxes and the financial process is very easy for them, now small businessmen do not have to go to any office or any government babu to pay their taxes And at the same time he will not have to face his bad behavior. And at the same time many types of small taxes have been exempted.
Questions related to GST
Q 1 Which country in the world was the first to implement GST?
Answer – The French country first implemented GST in 1954.
Q 2 When was GST implemented in India
Ans- GST was implemented in India on 1st July 2017.
Q 3 GST in India is based on which country’s GST?
Ans- GT Canada in India is based on the country model.
Q 4 What is GST called
Ans- GST is called Goods and Services Tax
Q 5 What is the full form of GST?
उतर GST का full form Goods Service and Tex है।
Q 6 How many votes were cast in favor and against GST in India?
Answer- A bill was passed for GST in India, in which 336 votes were cast in favor of GST and level 11 votes were cast in opposition.
Q 7 When was the GST bill passed in Rajya Sabha and Lok Sabha?
The GST Bill was passed in Lok Sabha on 3 August 2016 and in Rajya Sabha on 8 August 2016.
Q 8 When did the President approve the GST Bill?
Answer – Approved on 8th September 2016.
Q 9 Which committee suggested the implementation of GST?
Answer – given by Vijay Kelkar Committee.
Q 10 Who is the brand ambassador of GST?
Ans- The brand ambassador of GST is Amitabh Bachchan.
Q 11 Where is the headquarter of GST?
Ans- The main headquarters of GST is in Delhi.
Q 12 In which state GST was first implemented in India?
Answer- GST was first implemented in the state of Assam first in India, which was implemented on 12 August 2016.
Q 13 Which state of India was the last in which GST was implemented?
Answer- Jammu and Kashmir on 5 July 2017.
Q 16 What are the fixed rates of GST?
Answer- The prescribed four rates of GST are 5%, 12%, 18%, 28%.
Q 17 GST comes under which Article of the Constitution?
Answer- GST comes under Article 179A of the Constitution.
Q 18 When was the GST Council established?
Ans- The GST Council was established on 12 September 2016.
Q 19 Who is the head of GST?
Ans- Finance minister is the chairman of GST?
Q 20 Into how many parts is GST divided?
Answer- GST is mainly divided into three parts, in which CGST, SGST, IGST.
Q 21 Which country is India to implement GST?
India is the 161st country to implement the original GST.
Q 23. Who was the first chairman of the committee to draft the GST bill.
Ans- Asim Das Gupta was the first chairman of the committee to draft the GST bill.
Q 24 What percentage of GST is applicable in liquor, petroleum, education and health services?
Answer- All these have been kept out of GST.
Friends, today we learned about GST full form, not only GST full form but also got a lot of information about GST like what is GST, what is full form of GST, what are the total rates of GST, what is the need of GST , What are the benefits of GST, there are items from the angle which are out of GST, thus we got a lot of information, how did you like our post GST full form , you tell us by commenting, if you like our post by reading GST full form . If there has been a slight increase in this, then you should send the link of this post to your friends so that they too can get information related to GST full form .