What is GST / Benefits of GST / All you need to know / GST explained
You all must have heard about a lot about Goods and Service Tax These days. We find GST everywhere. We come across news, Interviews, Articles on GST. But I feel still there is lot of confusion about GST out there. In this video we will discuss everything about GST in a very simple and conversational language. We will also discuss how it is going to impact you as a common man. Lets get started
Hello and welcome back guys. My name is Gourav Jashnani and I am back with a very interesting and informational video on Goods and Services Tax.
Goods and Service Tax is said to be the most revolutionary tax reform that is being undertaken since independence. It is going to replace all major indirect taxes applicable in our country.
Before discussing GST let us first understand the present tax system applicable in India.
Taxes can be divided into two broad categories:
First is Direct Taxes and second are indirect taxes.
Direct taxes are taxes which are imposed on persons and are paid to the government by taxpayers himself. For Example Income tax. If there is a liability of Income tax on any person he has to pay it directly to the government.
Indirect taxes on the other hand are imposed on goods and services and are paid indirectly to the government via third person. For example Service Tax. When you go and dine out in restaurant you pay service tax which is included in the bill to the owner of the restaurant and that Restaurant owner pays service tax portion to the government. In this way you pay the taxes to the government via third person so it is an Indirect tax.
In our country Indirect taxes are levied by central government as well as state government.
Some major indirect taxes levied by central government are:
• Excise duty - It is charged on goods produced or manufactured in India.
• Service Tax - It is charged on provision of services.
• Central Sales tax or CST - It is charged on inter-state sale of goods ie. When goods are sold from one state to another.
• Custom duty - it is levied on imports and exports of the goods.
Some major indirect taxes levied by State Government are:
• Value Added Tax or VAT - It is charged when goods are sold within the state.
• Entertainment Tax - It is imposed on various forms of entertainments. Eg. On Movie Tickets
• Luxury Tax - It is imposed on luxury hotel rooms.
• Octroi / Entry Tax - Some state government levy OCTROI when goods enters the state.
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Please watch: "Avoid Income Tax Notice / Transactions tracked by tax department / Annual Information Return (AIR)"
• Avoid Income Tax Notic...
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