What is the meaning Gstn?
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.
What is GST in India UPSC?
Goods and Services Tax to be levied by the Centre is called Central Goods and Service Tax (CGST), and that to be levied by the States is called State GST (SGST). GST is an indirect tax for the whole country on the lines of One Nation One Tax to make India a unified market.
Which country introduced GST first?
France was the first country in the world to implement Goods and Services Tax (GST). More than 140 countries across the globe have implemented the GST.
What is GST summary?
What is Goods and Services Tax (GST)? It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off.
Where is GSTN?
GSTN is the backbone of the common portal, which is the interface between the taxpayers and the government. The entire process of GST is online, starting from registration to the filing of returns. It has to support about 3 billion invoices per month and the subsequent return filing for 65 to 70 lakh taxpayers.
Who is owner of GSTN?
Change in the shareholding pattern of GSTN Presently, the Central Government and State Government are holding 24.5% equity shares respectively and the remaining 51% are held by non-Governmental institutions and through various mechanisms, GSTN is under strategic control of government.
Who is GST father of India?
Atal Bihari Vajpayee is known as the father of GST. He was often referred to as Bihari or Bihari. He was a leader of the Bharatiya Janata Party (BJP) and twice served as the Prime Minister of India.
What are the 4 types of GST?
The types of GST in India are Central Goods and Services Tax State Goods and Services Tax, Union Territory Goods and Services Tax, and Integrated Goods and Services Tax.
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes.
Which state has GST first in India?
The single pan-India tax will replace the excise duty, countervailing duty and service tax, as also state taxes such as value-added tax, entry tax and luxury tax. Assam is the first state of India to pass GST Bill.