EASY-TO-USE GST ACCOUNTING SOFTWARE FOR BUSINESSES.
CURRENT TAX STRUCTURE
As you see in the above image VAT/CST/Purchase Tax / Luxury Tax/ Surcharge & Cess / Entry tax will come under the State Government taxation. While Excise Duty / Service Tax / ADE / Surcharge & Cess / CVD & SAD comes under the Central Government Taxation.
GST comprises everything and converts it into CGST, SGST, and IGST.Such that it will increase the No of Taxpayers in India. Along with increasing the no of Taxpayers, it will also prevent black marketing as well as Eliminate Taxation complication. If we talk about a common man then GST will be profitable for small or mid-size business man.
STATE/NATION WISE GST
- CGST: – CGST stands for Central GST which is applicable on supplies within the state. And the tax collection will shared to Centre.
- SGST: – SGST stands for State GST which is applicable on supplies within the state. And Tax collection will shared with the state.
- IGST: – IGST stands for Integrated GST, which is applicable to interstate and import transaction. And the Tax collection will be shared between Centre and State.