Goods and Service tax
GST is an destination based tax which was enacted after merging all the previous indirect taxes levied by the central government and State government. The sole objective of Implementing GST is to ensure uniformity in the Indirect tax regime. Moreover, there were cascading effects that prevails due to CST, VAT, Excise, service taxes, etc. After implementation of GST all these indirect taxes were subsumed.
Key highlights of GST
Registration: It is based on the Aggregate turnover made by a business organization.
Tax supply: it is the triggering concept for the levy of GST.
Input tax credit: It refers to the tax paid on the purchase of goods, availment of services (or) both.
Audit and Compliances: Under GST law There are three different types of audit, namely
E-way bill: It is a system formulated by the GST authority to track the movement of goods in the course of business.