Goods and Services Tax (GST)
Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.
Goods and Services Tax is divided into three categories – Central GST (CGST), State GST (SGST) and Integrated GST (IGST)
CGST and SGST would be levied under the CGST Act on the intra-state supplies of goods and services. Hence in case of intra-state supplies of goods and services, both the Central and State government would combine their levies with an appropriate revenue sharing agreement between them.
IGST is the tax levied under the IGST Act on the supply of any goods and/or services in the course of inter-state trade across India. Further, IGST would include any supply of goods and/or services in the course of import into India and export of goods and/or services from India. IGST will replace the present Central State Tax which is levied on the inter-state sales of goods. Thus, IGST would be applicable for all inter-state transactions, import and export of goods and/or services.
Conseltex provides expert services in the field of GST Registration, Advisory and Compliances. We assist in determining whether GST is applicable to your business, impact of GST on your business, assistance in registration, tax payments, returns and various other compliances required under the GST law.