GST Full Form - Full Form World

 GST Full Form

GST stands for Goods and Services Tax. It is an indirect tax that has to be given on the supply of goods and services. GST tax is collected at the point of consumption and not at the point of origin.

GST Full Form is :

Goods and Services Tax

FAQs about GST :

>GST came into effect from 1 July 2017.

>Every business that has turnover over INR 20 lakhs has to be registered for GST.
>Post-GST, most goods are expected to be in the 18% tax range.
>The tax was strongly opposed by the opposition party.

>India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments.
>The GST is imposed at variable rates on variable items.

>The great thing about GST is that it subsumes several taxes on almost everything except petroleum and alcohol.

• State VAT
• State Cess
• Purchase Tax
• Central Excise Duty
• Additional Duties of Excise (Goods of Special Importance)
• Service Tax
• Central Sales Tax
• Entertainment Tax

>At the time of writing, GST has 4 tiers 5%, 12%, 18%, and 28%. Some goods such as cars, luxuries face an additional cess.

>All of the books of records have to be maintained for at least 6 years from the last date of filing annual returns.

>In case your accounts and records are not maintained properly as per the guidelines, there will be fine as decided by the tax authorities.