What is GST?

How is GST different from Excise, VAT and Service Tax. Learn what is GST and the advantages and disadvantages of GST.

What is GST?

Goods and Services Tax also known as GST is a single indirect tax which will replace the following taxes with a single and much reduced tax rate:

    • Central Excise Duty
    • Additional Excise Duty
    • Service Tax
    • Surcharge, Cess
    • VAT/ Sales Tax
    • Entertainment Tax
    • Luxury tax
    • Additional customs duty
    • Special Additional duty of customs
    • Taxes on lottery and betting
    • Entry tax
    • State cess and surcharge

What are the benefits of GST Bill?

For the Business

  • Reduced Tax rates
  • Easier compliance

For the Consumer

  • Lower prices

What is the Difference between VAT and GST

VAT or Value added tax will be replaced by GST (State GST) and though very little clarity is present now, this will most probably be managed by the state. Unlike the current situation GST will have a single and much reduced tax rate, prompting more businesses to become transparent. The current VAT authority will continue to manage GST

 

What is the Difference between Service Tax and GST

Like VAT, Service Tax will also be replaced by GST but might be managed by the Center. The dual tax points currently poses a difficulty in implementing tax in India. It is to be seen how the empowered committee of the state finance ministers will come up with a solution for having a single tax rate. The current central administration will continue to manage GST

 

How to be prepared for GST?

GST will call for more transparency and increased enforcement of tax revenues. It would be important to track the input taxes and be ready for compliance.

Here is a heads up of what you can think of doing:

  • If you are into manual billing systems, move to a computerized billing system
  • Automate the system of adjusting input credits
  • Get a real time view of your tax liabilities across your business locations

A good online billing software like www.reachaccountant.com can make this transition a lot easier for your business. You can try a demo of the billing software from here

To get a free consultation, Please call a consultant at  044-49272723

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.
26 Comments
  1. Good day! This is my 1st comment here so I just wanted to give a quick shout out and say I truly enjoy reading your blog posts. Can you recommend any other blogs/websites/forums that go over the same topics? Thanks for your time!

  2. I simply want to mention I’m newbie to blogs and absolutely loved you’re blog. Almost certainly I’m want to bookmark your blog . You definitely come with impressive posts. Thank you for sharing your website page.

  3. small business 2 years ago

    I don’t even know how I ended up here, but I thought this post was good. I do not know who you are but certainly you are going to a famous blogger if you aren’t already 😉 Cheers!

  4. comcast speeds 2 years ago

    My spouse and I stumbled over here by a different website and thought I may as well check things out. I like what I see so i am just following you. Look forward to exploring your web page for a second time.|

  5. My spouse and I stumbled over here from a different web address and thought I might as well check things out. I like what I see so now i’m following you. Look forward to looking over your web page again.|

  6. online cash loan 2 years ago

    I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get bought an edginess over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this increase.|

  7. innovative technology 2 years ago

    You made some clear points there. I did a search on the issue and found most individuals will agree with your site.

  8. science news 2 years ago

    Howdy very nice web site!! Guy .. Beautiful .. Amazing .. I will bookmark your web site and take the feeds also¡KI’m satisfied to find numerous useful info here within the put up, we’d like work out more strategies on this regard, thanks for sharing. . . . . .

    • Ajay kumar 6 months ago

      what benefits our banking sector have by implementing GST bill ?

  9. Google 1 year ago

    Here is a good Blog You may Obtain Exciting that we encourage you to visit.

  10. Monroe Standlee 1 year ago

    Somos servicio tecnico oficial en las marcas que indicamos mas abajo, pero reparamos cualquier marca y modelo

  11. ColtonGDebey 1 year ago

    Im not really that a great deal of online reader to be honest however your blogs really nice,
    keep it up! I’ll just bookmark your website to return in the future.

    Cheers

    Here is my blog post :: ColtonGDebey

  12. FrancesTSaas 1 year ago

    I’m really impressed together with your writing skills
    and in addition using the layout on the weblog.
    Is it a paid theme or have you customize it yourself?
    Anyway keep up the excellent quality writing, it really is rare to discover a nice blog similar to this one nowadays.

    My web page FrancesTSaas

  13. Google 1 year ago

    Sites of interest we have a link to.

  14. Google 1 year ago

    The time to read or visit the subject material or web-sites we’ve linked to beneath.

  15. DahliaZErler 1 year ago

    Appreciate this post. Will give it a try.

    Feel free to visit my weblog – DahliaZErler

  16. JudeAMurilla 1 year ago

    It’s difficult to get educated people relating to this subject, however, you appear to be
    do you know what you’re speaking about! Thanks

    my weblog :: JudeAMurilla

  17. GastonIUrsua 1 year ago

    Why people still use to read news papers when in this technological world the whole thing is accessible
    on web?

    My web blog; GastonIUrsua

  18. GayleQFausey 1 year ago

    Having read this I believed it had been rather informative.
    I appreciate you spending a little while and energy to set this informative article together.

    One time i again find myself personally spending a lot of time both
    reading and commenting. But so what on earth, it had been still worth the cost!

    Also visit my web blog: GayleQFausey

  19. Google 1 year ago

    Every after in a though we pick blogs that we study. Listed beneath are the newest web sites that we choose.

  20. Google 1 year ago

    We came across a cool web site which you could take pleasure in. Take a appear in the event you want.

  21. LuigiLRashid 1 year ago

    It’s an amazing article designed for all of the web visitors; they
    may take benefit from this I am certain.

    Look at my web-site – LuigiLRashid

  22. LeidaZFreije 1 year ago

    Many thanks for finally talking about > WHAT IS GST? | Blog ReachAccountant < Liked it!

    Feel free to surf to my homepage LeidaZFreije

  23. Google 1 year ago

    Sites of interest we’ve a link to.

  24. Google 1 year ago

    The info talked about in the article are a number of the best accessible.

  25. SimonJDorr 1 year ago

    Hola! I’ve been following your website for some time now and
    finally got the bravery to just provide you with a shout from Austin Texas!
    Just wished to say continue the fantastic work!

    Also visit my homepage :: SimonJDorr

Leave a reply

Your email address will not be published. Required fields are marked *

*

Log in with your credentials

Forgot your details?