Goods and Services Tax (GST) was introduced on 1st July 2017, a landmark tax revolution in India history. GST will replace all the central and states indirect taxes thus eliminating cascading tax effect. GST will be applicable throughout India.
Goods and Services Tax is divided into three categories – Central GST (CGST), State GST (SGST) and Integrated GST (IGST)
CGST and SGST is levied on the intra-state supplies of goods and/or services under the CGST Act. This revenue will be shared agreement between center and state on pre-determined formula.
IGST is levied under the IGST Act on inter-state supply of any goods and/or across India. Any supply of goods and/or services in the course of import or export within or out from India will also be included in IGST. All the existing Central and/or State Tax will be replaced by IGST.
At Patron Accounting, we deliver expert services on issues related to GST, may it be a registration, advisory or any other GST compliance. Our GST professionals will help you in identifying correct GST provisions applicable and impact of changes in GST regulation on your business.