Are you baffled by the intricacies of GST? Let’s demystify it!

Goods and Services Tax, commonly known as GST, has been a game-changer in the realm of indirect taxation. But what exactly is GST and how does it affect you?

GST is a unified tax levied on the supply of goods and services, right from the manufacturer to the consumer. It replaced a myriad of indirect taxes like VAT, service tax, excise duty, etc., streamlining the taxation process and promoting ease of doing business.

Here’s a breakdown of GST:

• Structure: GST has a dual structure, comprising the Central GST (CGST) levied by the central government and the State GST (SGST) levied by state governments. For interstate transactions, Integrated GST (IGST) is applicable.
• Tax Slabs: Goods and services are categorized into different tax slabs: 5%, 12%, 18%, and 28%. Additionally, certain goods and services are exempted or taxed at a nil rate.
• Input Tax Credit (ITC): One of the key features of GST is the concept of Input Tax Credit. Businesses can claim credit for the GST paid on inputs used in the supply of goods or services, thereby avoiding tax cascading.
• GSTN: The GST Network (GSTN) is the IT backbone of GST, facilitating online registration, filing of returns, and seamless tax administration.
• Compliance: GST compliance involves regular filing of returns, matching of invoices