Ryot Associates

Goods and Services GST is an Indirect Tax. It applies to goods and services that are bought and sold for use or consumption in India. It is a consumption tax because it is ultimately borne by the end-user. This tax is not directly paid to the government by customers, but it is levied on the manufacturer or seller of goods and the providers of services. The trader collects the tax from the customer and remits the collected GST to the tax authorities. Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. The development of GST took many consultations, negotiations and revisions before it was launched in its final form. The introduction of the Goods and Services Tax (GST) was the most significant economic reform since Independence.  There were plethora of indirect taxes levied on goods and services in India. Major indirect taxes include Customs duty, Excise duty, Service tax and Sales tax (VAT/Central Sales Tax). GST has replaced all these taxes with...

Goods & Services Tax (GST) is levied on all Indian service traders, service providers and manufacturers. It is an indirect tax that was rolled out on July 1, 2017. It has replaced a variety of Central taxes e.g., Service Tax, Excise Duty, Luxury Tax, Octroi, VAT, etc. The GST procedure is online and no manual intervention is required. GST is levied at every step of the supply chain. Every product passes multiple stages in the supply chain, that is procuring raw materials, manufacturing & sale. Interestingly,   GST is levied on all of these stages.  Components of GST GST has 3 tax components, Central Goods and Services Tax or CGST, State Goods and Services Tax or SGST & Integrated Goods and Services Tax (IGST). CGST is levied by the central government, SGST is levied by the state government when all the transaction is done within the state. IGST is levied on the inter-state transactions. It is a destination-based tax consumer using any goods or services is liable to...