What is GST?
To remove this cascading effect the bill was passed by parliament in April, 2016 known as GST bill (Goods & service Tax) GST is a tax levied when a consumer buys a goods or services. The main aim of introducing GST is to bring all the taxes in a single umbrella. This bill helps to eliminate the cascading effect of taxes on production, distribution prices on goods & services. Goods & service tax refers to indirect tax which replaces taxes levied by the central & state government. GST bill abolish indirect taxes like VAT, Service tax, excise, octroi.
Are you Liable?
If you’re an existing taxpayer registered under any of the below mentioned authorities, then you are Liable to migrate and enrol under GST system portal.
1. Central Excise
2. Service Tax
3. State sales tax/VAT (except exclusive liquor dealers)
4. Entry tax
5. Luxury Tax
6. Entertainment tax
Migration here means validating the data of existing taxpayers and filing up the remaining key fields.