What is gst(Government and Tax Service)?Why it is important?

Dear friends, Today We will discuss about gst and why gst is important in India.To increase the tax payers Government incorporated gst on 1July 2017.Government launched gst system to remove burden from the Tax payers.After all we can  call it one nation one tax.we mentioned below why gst is important in India.

Importance of GST

Mostly Gst supports the country’s economy and reducing corruption.Tax Payers relieve from the burden of various taxes.They able to pay all taxes in system.GST supports the manufacturers, suppliers, Proprietorship firm to purchases and sales.

When you apply for gst number You get 15 digit  number that called GST number.Without this number Tax payers unable to purchase and sales a unique products.

If you have a number You will get various opportunities from government.Tax Payers supply the Good to Government and if you have a gst number you shall get Intra state and inter state facilities.

With the introduction of GST, the taxation system has become much simpler. Since there is only one tax, the calculation is easier. As a result, the buyer gets a clear idea of the total tax paid by him.

Another major impact of GST on the Indian economy is more funds for production. The total taxable amount has been reduced.

When talking about the impact of GST on the Indian economy, custom duty on the export goods has reduced easily. As a result, the production units save a lot of money during the production and shipment of goods.

Types of Taxes in India 

There are two major types of Taxes in India.

• Direct Taxes in India
• Indirect taxes in India

Today we discuss Indirect taxes Because of Indirect taxes include the GST system.

Indirect taxes in India

The most important type of tax in India is an indirect tax. In India, indirect taxes are mobilized on items and services traded or sold by vendors. Under the Indian tax system, these taxes are collected by the vendors selling a particular service or commodity. The tax is added to the initial price of the goods or services, by that means increasing its final price. The types of indirect taxes in India are listed below. These are:

• GST
• Sales Tax
• Customs Tax