5 Laws of GST In India

Updated: Jun 11, 2019


In India, Goods and Service Tax or GST was implemented on 1st July 2017. This system removed multiple taxes from each stage of a supply chain and lowered the tax burden. GST is a single uniform indirect tax. The GST council created five tax slabs of 0%, 5%, 12%, 18% and 28%, respectively. Overall, 1300 goods and 500 services are fitted under these slabs.

You need to enter G2B Portal to access online GST platform. But before that, you must be aware of 5 important laws of GST in India.


5 LAWS OF GST IN INDIA WHICH WILL EASE THE FILING PROCESS

Central GST Law - Central GST or CGST was structured to levy and collect taxes on intra-state supply of goods or services. Here, the central Government collects a particular percentage of tax levied on each good or service.


State GST Law - Just like CGST, State GST or SGST is also used to levy the taxes from intra-state supply of goods or services, but this system is governed by the State Government, and it collects a particular percentage of tax levied on each good or service. 

According to Section 8 of the GST Act, neither the Central Government nor the State Government can collect more than 14% of total GST.


Union Territory GST Law - Union Territory GST law uses the rules of Central GST or CGST, and this system is applicable to the remaining Union regions and Indian regions of the territorial waters.


Integrated GST Law - IGST is the tax which is levied on all Inter-State supplies of goods and services and it is governed by IGST act. This tax is also levied from imported and exported goods to and from India.


The Goods and Services (Compensation to State) Law - Central Government levies a GST Compensation Cess on the supply of certain goods and services. The amounts are deposited in a GST Compensation Fund. That fund’s 50% unutilized amount is shared between the states in proportion to their total revenue, and the remaining 50% is kept by the Central Government.


SERVICES YOU SHOULD OPT FOR

If you can’t handle the entire GST system on the online platform or if you want to run a business to provide the service of GST return filing, then you should approach a firm who has collaborated with GST Suvidha Provider. For example, Synesis Consulting & Tech Solutions (P) Ltd. is such a provider who works with GSP, accepts the applications from pre-assigned localities and provides user-friendly software for GST Filing.


At Synesis Consulting and Tech Services (P) Ltd., we support taxpayers to access online platform via GSP solution to follow the provisions of GST law. 

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