GST is a multi-stage, destination-based tax system applied at every value-addition step in the supply chain, from manufacture to final sale. It primarily comprises four key stages: procurement of raw materials, manufacturing/production, warehousing, and retail sale to the end consumer.
Under this system, GST is levied at two levels: Central GST (CGST) by the Central Government and State GST (SGST) by the respective State Governments. IGST is applicable to inter-state transactions of goods and services and is levied and collected by the Central Government.
GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction.
Types of GST in India
CGST (Central Goods and Services Tax) SGST (State Goods and Services. IGST (Integrated Goods and Services Tax) UTGST (Union Territory Goods and Services Tax)
The new GST structure at a glance
India has moved from the earlier four-tier GST system (5%, 12%, 18%, 28%) to a simplified two-rate structure: 5% (Merit rate) – Essentials and mass-consumption goods. 18% (Standard rate) – Most other goods and services.
Goods and Services Tax (GST) 2.0 reform, which came into effect from September 22nd, 2025, brought relief for the common people and boosts for businesses. One of the key GST updates under 2.0 reform is that it simplified the GST tax structure from a 4-slab (5%, 12%, 18% and 28%) to a 3-slab (5%, 18% and 40%).
💰 NEW GST PAYMENT ALERT – JANUARY 5, 2026! The CRA is issuing the first GST/HST credit of 2026, with eligible Canadians receiving up to $533 annually—and a 2% increase coming in July 📈
(3) Any registered person who opts to pay tax under section 10 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, prior to the commencement of the ...
When we are required to deduct TDS & TCS? What are your views on simplification in indirect taxation through the implementation of GST? Will all goods and services be covered under the Gst? How will imports be taxed under Gst?
GST in India has four components – CGST, SGST, IGST, and UTGST. The charge depends upon whether the transaction is intra-state or inter-state. The Central Government charges CGST, while the State Governments and Union Territories levy SGST and UTGST respectively, on intra-state supplies.
TABLE 4A, 4B, 4C, 6B, 6C - B2B INVOICES - RECEIVER-WISE SUMMARY. In this table, you can add details of taxable outward supplies made to registered person. Additionally, invoices auto-populated from e-invoices will be available in this table. This page provides you the receiver-wise summary of the already added invoices ...
• GSTR 3B is a summary return with revenue. implication. • GSTR 1 is a monthly/quarterly return with. invoice-wise outward supply details. • GSTR 2A is an auto-populated return.
It starts from the day you become entitled to the credit, typically the date of the tax invoice or the date the payment is made, depending on your accounting method. After four years, you can no longer amend or include a claim for that GST credit in your Business Activity Statement (BAS).
The 'five year rule' states that residential premises are not considered to be 'new' if they have been rented out as residential premises for five or more years since they first became residential premises, or were last built or substantially renovated.
There are 13 different types of GST returns that cover purchases, sales, output GST, and input tax credit. Registered taxpayers can claim a GST refund if they paid more tax than their actual liability by submitting an application with supporting documents through the GST portal.
GST 2.0 is a restructured tax framework introduced by the GST Council, featuring a simplified two-rate system of 5% and 18%, with exemptions for essentials. It replaces the earlier multi-slab structure and introduces a 40% rate for sin and luxury goods.
India has four types of GST: Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). This simple division makes it easy to tell the difference between interstate and intrastate goods.
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GSTR-3 is a monthly return with the summarized details of sales, purchases, sales during the month along with the amount of GST liability. This return is auto-generated pulling information from GSTR-1 and GSTR-2.
GST Exemption Limit
Under the Goods and Services Tax (GST) regime in India, businesses whose annual revenue exceeds specific thresholds are required to register and pay GST. Currently, the GST Exemption Limit is set at Rs. 40 lakhs for goods and Rs. 20 lakhs for services.
For any standard-rated supplies of goods or services that you make on or after 1 Jan 2024, you must charge GST at 9%. For instance, if you issue an invoice and receive payments for your supply on or after 1 Jan 2024, you must account for GST at 9%.
Steps to track GST payment status online after logging in
Step 1- Login to the GST portal. Step 2- Click on the 'Services' tab > 'Payments' section > 'Challan History' option. Step 3- Search by CPIN or by date. The list of challans and payment status gets displayed.