{"id":887,"date":"2023-06-09T09:10:36","date_gmt":"2023-06-09T09:10:36","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=887"},"modified":"2025-04-14T09:26:53","modified_gmt":"2025-04-14T09:26:53","slug":"basics-of-gst","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/","title":{"rendered":"What are the things one should know about GST?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#Basics_of_GST\" >Basics of GST<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#1GST_is_a_destination-based_tax\" >1.GST is a destination-based tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#2_GST_has_replaced_multiple_indirect_taxes\" >2. GST has replaced multiple indirect taxes:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#3GST_has_four_tax_rates\" >3.GST has four tax rates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#4GST_registration_is_mandatory_for_certain_businesses\" >4.GST registration is mandatory for certain businesses:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#5GST_returns_need_to_be_file_regularly\" >5.GST returns need to be file regularly:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#6Input_tax_credit_is_allowed_under_GST\" >6.Input tax credit is allowed under GST:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/#7GST_compliance_is_important\" >7.GST compliance is important:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Basics_of_GST\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"113\" height=\"54\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 113px) 100vw, 113px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Basics-of-GST.jpg\" alt=\"Basics of GST\" width=\"357\" height=\"235\" \/>Basics of GST<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>Basics of GST, Goods and Services Tax, is a comprehensive indirect tax that was introduce in India on July 1, 2017, with the aim of simplifying the tax structure and eliminating multiple layers of taxation.<\/p>\n<p><strong>Here are some key things one should know about GST:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1GST_is_a_destination-based_tax\"><\/span>1.GST is a destination-based tax:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">GST is a consumption-based tax that is levied at the point of consumption or sale of goods and services. It is applicable to all goods and services except for alcohol for human consumption and petroleum products.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_GST_has_replaced_multiple_indirect_taxes\"><\/span>2. GST has replaced multiple indirect taxes:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">GST has replaced multiple indirect taxes such as excise duty, service tax, central sales tax, value-added tax (VAT), and others.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3GST_has_four_tax_rates\"><\/span>3.GST has four tax rates:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">GST has four tax rates &#8211; 5%, 12%, 18%, and 28%. The rates are base on the type of goods or services being provide.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4GST_registration_is_mandatory_for_certain_businesses\"><\/span>4.GST registration is mandatory for certain businesses:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">Businesses whose annual turnover exceeds Rs. 40 Lakh (Rs. 20 Lakh for northeastern and hilly states) are require to register for GST.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5GST_returns_need_to_be_file_regularly\"><\/span>5.GST returns need to be file regularly:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">Registered businesses are require to file monthly or quarterly GST returns, depending on their turnover.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6Input_tax_credit_is_allowed_under_GST\"><\/span>6.Input tax credit is allowed under GST:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">Businesses can claim input tax credit on the GST paid on purchases of goods and services, which can be set off against the GST collected on sales.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7GST_compliance_is_important\"><\/span>7.GST compliance is important:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">Non-compliance with GST regulations can result in penalties and fines.<\/p>\n<p>&nbsp;<\/p>\n<p>Overall, Basics of GST has simplified the tax structure and reduce the burden of multiple indirect taxes on businesses and consumers.<\/p>\n<p style=\"margin-left: .25in;\"><strong>To visit: <a href=\"https:\/\/www.gst.gov.in\/\">https:\/\/www.gst.gov.in\/<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/imgk.timesnownews.com\/story\/1569345843-gst_getty.jpg\" alt=\"GST: Why the Goods and Services Tax regime is good for India | Business News\" width=\"300\" height=\"225\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left;\"><strong>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Basics of GST &nbsp; Basics of GST, Goods and Services Tax, is a comprehensive indirect tax that was introduce in India on July 1, 2017, with the aim of simplifying the tax structure and eliminating multiple layers of taxation. Here are some key things one should know about GST: 1.GST is a destination-based tax: GST\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/basics-of-gst\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":5676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[98,31045,4859,4879,21666,43028,2102,43048,4878,49907,44188,1767,43033,44404,49911,49908,4904,4900,44380,1410,21860,43042,43062,4849,21558,49901,44209,43696,21256,1935,21290,21843,44204,4852,49910,21259,4851,4873,4903,780,43184,1997,22246,2837,4898,1796,1916,49904,4861,43038,21274,49902,48690,4915,1453,21667,18770,21568,2354,21609,21678,21166,18772,49909,2344,4882,21169,49903,4864,707,1754,4913,1789,4857,4909,1897,49905,4883,18780,4886,47307,21195,44235,43030,35390,21158,49906,1998,21319],"class_list":["post-887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst-compliance","tag-compliancematters","tag-gstaccounting","tag-gstact","tag-gstadvisory","tag-gstamendments","tag-gstanalysis","tag-gstaudit","tag-gstauditing","tag-gstawareness","tag-gstawarenessprogram","tag-gstbasics","tag-gstbenefits","tag-gstbestpractices","tag-gstbusiness","tag-gstbusinesses","tag-gstbusinessimpact","tag-gstcalculations","tag-gstchallenges","tag-gstclarifications","tag-gstcompliance","tag-gstcompliancecheck","tag-gstconsultation","tag-gstconsulting","tag-gstcouncil","tag-gstdocumentation","tag-gstduedates","tag-gsteconomy","tag-gsteducation","tag-gstenforcement","tag-gstexemption","tag-gstexperts","tag-gstexplained","tag-gstfacts","tag-gstfiling","tag-gstfinance","tag-gstguidelines","tag-gstimpact","tag-gstimpactanalysis","tag-gstimplementation","tag-gstindia","tag-gstinformation","tag-gstinindia","tag-gstinnovation","tag-gstinputtaxcredit","tag-gstinsights","tag-gstinvoice","tag-gstinvoicing","tag-gstjurisdiction","tag-gstlaw","tag-gstlawupdates","tag-gstlegal","tag-gstlegalframework","tag-gstlegislation","tag-gstmanagement","tag-gstnoncompliance","tag-gstnotifications","tag-gstonline","tag-gstoverview","tag-gstpayment","tag-gstpenalties","tag-gstpolicy","tag-gstprocedure","tag-gstprocedures","tag-gstprofessionals","tag-gstrates","tag-gstreconciliation","tag-gstreforms","tag-gstrefunds","tag-gstregime","tag-gstregistration","tag-gstregistrationprocess","tag-gstreporting","tag-gstreturns","tag-gstreturnsfiling","tag-gstreview","tag-gstrules","tag-gstseminars","tag-gstsimplified","tag-gstsupport","tag-gsttax","tag-gsttaxation","tag-gsttraining","tag-gsttransactions","tag-gsttransition","tag-gstunderstanding","tag-gstupdates","tag-gstworkshops","tag-taxsimplification","tag-understandinggst"],"yoast_head":"<!-- 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