BUSINESS TAXATION by 19E2144 Aadavrishikesh https://padlet.com/19e2144/iv94mu0dn0nlt0kr 17-11-2021 ASSIGNMENT 19E2144 AADAV RISHIKESH S en-us 2021-11-17 12:00:27 UTC 2021-11-17 12:08:13 UTC hello@padlet.com GST 19e2144 https://padlet.com/19e2144/iv94mu0dn0nlt0kr/wish/1896666701 The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST. The GST portion is collected by the business or seller and forwarded to the government. It is also referred to as Value-Added Tax (VAT) in some countries.


]]> 2021-11-17 12:03:14 UTC https://padlet.com/19e2144/iv94mu0dn0nlt0kr/wish/1896666701 19e2144 https://padlet.com/19e2144/iv94mu0dn0nlt0kr/wish/1896668239 France was the first country to implement the GST in 1954; since then, an estimated 160 countries have adopted this tax system in some form or another. Some of the countries with a GST include Canada, Vietnam, Australia, Singapore, the United Kingdom, Monaco, Spain, Italy, Nigeria, Brazil, South Korea, and India. India established a dual GST structure in 2017, which was the biggest reform in the country's tax structure in decades. The main objective of incorporating the GST was to eliminate tax on tax, or double taxation, which cascades from the manufacturing level to the consumption level.]]> 2021-11-17 12:04:16 UTC https://padlet.com/19e2144/iv94mu0dn0nlt0kr/wish/1896668239 types of GST: 19e2144 https://padlet.com/19e2144/iv94mu0dn0nlt0kr/wish/1896670435
  • Central GST (CGST): GST paid on each transaction is divided into two equal parts: the part for the Centre is termed as CGST.
  • State GST (SGST): The part of a state’s share of GST, when a transaction takes place within the state, is called SGST.
  • Union Territory GST (UGST): When a transaction takes place within a union territory (UT) without a legislature, the part of GST that the UT gets is called UGST.
  • Integrated GST (IGST): When a transaction takes place between two states/UTs or between a state/UT and any foreign territory, IGST is levied without any bifurcation on the applicable GST rate.
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