GST

                       GST ( Goods And Services Tax )  

GST has been introduced to replace multiple indirect taxes levied by State and State and Central Governments in order to simplify the indirect tax system. GST has replaced almost 17 of the existing state and central indirect taxes (more to come in the future such as central excise duty, additional customs duty, VAT, entertainment tax, service tax etc. It is called as Goods and Services Tax because it is applicable to the supply of both Goods and Services. GST is a revolutionary step taken by The Government of India to make Indian economy stronger than before. On 1st July government of India announced a new way of tax payment which is GST which will make the process of tax collection simple as compared to the previous tax system. GST is composed of three types of taxes and those are CGST, SGST/UTGST, and IGST and which are determined by the movement of the goods or service i.e. Intra State movement or Interstate movement. GST has its own advantages and disadvantages. GST is a simple tax system. Now, the taxpayer won't be confused about the what type of taxes he/she should pay. There will be only one tax, which is GST. The agenda of the government behind introducing GST itself is ''One Nation One Tax''  GST Act is going to ease the stress of taxes from the Indian businesses and manufactures. They now have to pay lower taxes, and it will surely increase the scope of a better business environment and flexibility. India is economically growing at a lightning speed.   The government still revising the tax brackets, businesses still not able to understand the process which was claimed to be simpler than earlier system. After a year and more still, small businesses are not comfortable with tax filing. Still, Gst is not a standardized process, the government keeps optimizing the process. Because of this Chartered Accountants are not able to fix their fee structure and that effects businesses to plan finances. GST Tax filing is a complete online procedure and it requires Digital Signature (DSC) of the owner or an authorized personnel to complete the process. Big businesses are aware of this digital signature technology and security precautions around it But small, medium or new business owners do not understand it so because of GST we can all hope that India should be developed country very soon.