Goods and Services Tax (GST) is an indirect tax applicable throughout India which replaced multiple cascading taxes levied by the central and state government. GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. ... State GST (SGST) Which will be levied by State. Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
Now we understand what is GST
💴Tax Structure Before GST1.Direct Tax →Income Tax(only)
2.Indirect Tax→1.Central Tax 2.State Tax
- Central Tax→Central Excise→Service Tax → Custome
- State Tax→Vat→Entry Tax,Luxury Tax ,Octroi etc..
🀉Tax Structure After GST
2.Indirect Tax GST(Except Customs)→two type1.Within State 2.Out of sale
- Within State→GST (Central)→SGST(State)
- Out Of sale →IGST(Central)
How To Apply For GST
If you anticipate that your GST turnover will be over $75 000, make sure you register for GST when completing your ABN application. Visit the ATO Online Business Portal and login with your Administrator AUSkey. You will be able to complete your tax registrations using the Business Portal.
GST Registration process
- Process1:determine the type of gst
- Process 2:complete e-learning course(only for voluntary registration
- Process 3:submit your application for GST
- Process 4:GST registration application is on processed
- Process 5:Receive Notification Of Effective Date Of Registration
Type of GST Application
1.Online Application
- Compulsory Registration→2 working days
- Voluntary Registration→10 working days
2.Offline Application
- Compulsory Registration→10 working days
- Voluntary Registration→One Month
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