Easy Tax Planner
What is GST?
Goods and Services Tax(GST) is a consumption(or indirect) tax levied in india on the supply of goods and services. It is a multistage, destination based taxation system. It is imposed on all levels in the prodcution process, but it is refunded to all parties in the various stages of production other than the final consumer. It is collected at from the point of consumption, not unlike previous taxes which were collected at the point of origin. It has replaces almost all the taxes except a few state taxes in india. Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is Read more…
