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Goods and Services Tax bill is India’s biggest reform in India’s indirect tax structure.The purpose of bill is
to introduce one single tx on supply of goods and services,from the manufacturing stage until its delivery to
final consumer.Interim tax stages such as excise duties and service tax and state levies like VAT will be
absorbed under GST.
GST aims to streamline the taxation structure in the country and replace indirect taxes with a singular GST
to simplify the taxation procedure.It avoids the cascading effect or tax on tax which increases the tax burden
on the end consumer.It is collected on goods and services at each point of sale in the supply line.
GST Council aims to develop a harmonized national market of goods and services between the Center and the
States as well as among States.The GST Council shall established a mechanism to adjudicates arising out of its
recommendation or implementation thereof.
The GST Council will make recommendations on:
Full form of CGST– is Central Goods and services Tax.CGST is also charged on local sales within states.
It is charged and collected by central Government.It has replaced taxes like Central Excise and
Services tax.
Full form of SGST– is State Goods and Services Tax.SGST is also charged on Local Sales within States.It is
charged and collected by State Government.It has replaced taxes like VAT,Luxury Tax and Entertainment tax.
Full form of IGST– is Integrated Goods and Services Tax.IGST is charged on Central sales(Sales Outside State).
It is charged and collected by central government on interstate supply of Goods and services.It has replaced
taxes like CST(Central sales tax).
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