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Why GST imperative for India and How it will work?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Why GST imperative for India and How it will work?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

GST which is Goods and Services Tax is levied on the transaction of any goods or services used by the consumer. Earlier, we had to pay various central and state-level taxes, but now it is not so. Now instead of all taxes, one tax is levied and that is GST, although there are some products on which GST is not applicable, such as – Alcohol and Petroleum Products, etc. Basically, we will understand the Types of GST here, how many types of GST tax are there, and how they are applied. Let me make sure here that certain sectors have been kept out of GST Registration, such as – Education, Hospital, Liquor, and Petroleum Products, etc. Basically, there are three types of GST – CGST, SGST, and IGST. In this, you can clearly see that the final consumer has to pay 5500. In which the cost of the product is 5000 and the share of 10% made a GST tax of 500, which was collected from the consumer and the same tax reached the government. In all other transactions, Mohan and Painter get exemption i.e. Input Tax Credit on their additional tax paid.

 

There are several or other services that are also required if you wanted to start your own company or run a business without any issue in India. These services are described below. 

  1. ISO Certification: The company or organization is checked by ISO such as product quality, quality, customer solution, purity and management systems, etc. Then when it is certified that this company or organization is running properly, then this quality certificate is given by the ISO organization or the ISO Certification
  2. Trademark registration: After registering, you become the legal owner of that trademark. Because of which no other person or company can use your trademark without your permission. If a trademark is not registered, then it cannot take action against any other company. Through Trademark registration, the company is able to make a good identity among its customers, due to which the customer does not face any problems in searching for the product.

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