Levy of GST : The centre will levy Central GST (CGST) and the states will levy State GST (SGST) on the supply of goods and services within a state. Furthermore, there are various types of gst invoices. The type of invoice to be issued depends upon the type of registered person who is making a supply. Features and Benefits of GST The tax which was previously levied on manufacture or sale of goods and provision of services would now be levied on ‘supply’ of goods and services As against the present principle of origin based taxation, GST would function on the principle of taxation on destination based consumption The tax rate differed from state to state, GST essentially ensures a comprehensive tax base helping the industries to reap benefits of the common procedure and claim credit for taxes paid. Thus, the Goods are any commodities/material sold to the customer. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. After briefly understanding the meaning and different aspects of GST let’s see what are the advantages and disadvantages of GST. The portal shall be one single common portal for all GST related services e.g.– Tax payer registration (New, surrender, cancelation, etc. Comprehensive GST is a comprehensive tax as it includes all types of goods and services and takes into the consideration the concept of value addition. The taxes a business must register to collect and pay will depend on where the business is located as well as where it sells goods and services. ); GST = GOODS AND SERVICE TAX. This tax has brought a greatest reform in Indian taxation system by replacing all indirect taxes which were levied earlier with one single tax. The full form of GST is Goods and Service Tax; there is no as such meaning of GST as it is an indirect tax. GST (Goods and Service Tax) is an indirect tax which was launched by Prime Minister Modi on 1 st July 2017. GST is levied on each of the above-mentioned stages and therefore, it becomes a multi-stage tax. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. You can register for a GST account with the CRA, keep track of the GST/HST that you collect and pay, and complete and file a GST/HST tax return according to your assigned reporting period. Let us understand what GST is and why it has been implemented in India along with other features. GST council had prescribed four slabs of GST (excluding zero rated tax) i.e 5%, 12%,18% and 28%. The GST portal shall be accessible over Internet (by Taxpayers and their CAs/Tax Advocates etc.) whereas the Service is a type of service provided to the customer or consumer.Thus, the government charges the Tax when these goods or services are supplied.. CGST = Central Goods and Service Tax The Central Goods and Service Tax … As per the GST law, any registered person buying goods or services from an unregistered person is required to issue both a payment voucher and a gst invoice for such a transaction. Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. and Intranet by Tax Officials etc. The concept of Goods and Services Tax (GST) is one indirect tax for the whole nation, which will make India one unified common market. Yet government not categorized any goods/services under relevant slabs. Advantages of GST 5% would be for necessity goods, 12% and 18% would be for standard rate and 28% would be for luxury and sin goods. It is a tax which is levied by government on supply of goods and services. Meaning of GST. 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