Goods and Service Tax (GST) is an indirect tax in India imposed when a customer buys a good. GST is regarded as an indirect tax imposed on the sale, manufacture, buying of goods. The aim of GST is to remove all the indirect taxes imposed on goods by the Indian Central governments and State governments.
The Goods and Service Tax (GST) is a new type of indirect tax which will remove all other types of taxes like sales tax, octroi tax, service tax, central and state sales tax imposed under the current multi-tax system.
The current situation of India is that there are taxes present at various rates and in different stages like the Centre has the taxes like Service tax, Income tax, Central sales tax, Security transaction tax etc. and on the other hand the State has entry tax, agriculture tax, property tax. The increasing of taxes at different level affecting the selling as well as the rates in domestic and in the international markets.
The main objectives of GST in India are:
a) To remove Indirect Tax issues.
b) Increase the number of tax payers.
c) To entertain consumption-based tax rather than manufacturing.
d) Diminish Tax corruption.
The characteristics of Goods and Service Tax (GST) in India are as follows:
a) GST are mainly of two types Central GST imposed by the Centre and State GST imposed by the States.
b) As per the recommendations of the GST Council after the collection of the tax it will be divided between the State and the Centre as defined by the parliament.
c) Alcohol for human, petroleum products, tobacco have been kept out from GST’s limit.
The best GST accounting software in India are as follows:
- MARG GST.
- Clear Tax.
- Tally ERP 9.
- Easy GST.
- Busy Accounting Software.
- Zoho Books.
- Reach GST.
- Sai GST.
Besides, Goods and Service Tax (GST) in India is not only business friendly but friendly to consumer as well. Moreover, India has taken adoption of two GST model that means both the Central government as well as the State government can administrate it. Hence, GST increased both demand as well as consumption of goods which will improve the economy of India in the long run.
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