GST is an indirect tax on goods and services with multiple benefits for producers, consumers, traders and governments. Many countries across the world have implemented GST to facilitate smoother operations. Understanding GST and its implementation protocols can benefit both businesses and consumers.

The answer to the question, "What is GST full form?" it is important to know that GST stands for Goods and Services Tax. GST full form is a single indirect tax on the supply of all goods and services in a country. GST has replaced many previous central and state government taxes, including central excise duty, customs duty, service tax, VAT, central sales tax and luxury taxes.

GST is a multi-stage tax that the government levies at every point of sale of goods and services. For example, if a business in Orissa manufactures a product, the primary consumer of which is in Karnataka, GST collection happens in Karnataka and not in Orissa. It is a multi-stage tax because it requires manufacturers to pay tax at every production stage. The government levies tax on every point-of-sale transaction from purchasing raw material, manufacturing costs, storage costs for raw materials and finished products, wholesale purchases and final sales to end consumers.

There is value addition to commodities in every stage of the production process. Businesses pay GST at every stage whenever they add monetary value to a product. For example, cotton goes through multiple processing stages before becoming a piece of clothing. The business pays GST when cotton becomes yarn and when yarn becomes fabric. The consumer pays GST when they purchase the fabric as a piece of clothing in a retail environment.

GST, or Goods and Services Tax, is an Indirect Tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes etc. Goods and Services are included under a single domestic indirect taxation law for the whole of India. In this regime, tax is charged at each point of sale.

GST is an attempt to remove the geographical barriers and create a single market that is open to all, to buy, sell, import, and export within the country.

However, the impact of GST will not be uniform and will vary from one sector to another. The common man will benefit in two ways: first, all the taxes will directly be collected at the point of consumption, and second, consumers won’t have to pay a 'tax on tax'.

This way multiple tax points would be removed, cascading tax system would be eliminated and the eventual tax paid would be reduced in most cases. This in turn would lead to reduction in the cost of production, and by extension an increase in profits for the businessmen. A part of these benefits will eventually be passed on to the end-consumer as well.

GST Registration must be completed by the following individuals and businesses:

Individuals who have registered under the tax services before the GST law came into effect.
Non-Resident Taxable Person and Casual Taxable Person
Inter-state supplier of goods and services
Supplier of goods through an e-commerce portal
Individuals who pay tax under the reverse charge mechanism
All e-commerce aggregators
Input service distributors and agents of a supplier
Any service provider
TDS/TCS deductor
Online data access or retrieval service provider

Take a look at the list of documents that you will need for registering sole proprietor or Individual under GST:

Permanent Account Number (PAN) of the applicant
Copy of the Aadhaar card
Photograph of applicant
Proof of business registration or incorporation certificate
Identity and address proof of promoters/directors with a photograph
Authorisation letter/board resolution for authorised signatory
Bank Account details

Take a look at the list of documents that you will need for registering Partnership firm inclusive of LLP:

Permanent Account Number (PAN)
Address proof (partners and place of business
Bank account details
Copy of Partnership deed
Registration certificate or board resolution (for LLP)
Photographs of authorised signatories and partners
Proof of appointing authorised signatory

There are four different types of GST as listed below:

The Central Goods and Services Tax (CGST)
The State Goods and Services Tax (SGST)
The Union Territory Goods and Services Tax (UTGST)
The Integrated Goods and Services Tax (IGST)

SGST is defined as one of the two taxes imposed on transactions of goods and services of every state. Levied by State Government of every state, SGST replaces every kind of existing state tax that include Sales Tax, Entertainment Tax, VAT, Entry Tax, etc. Under SGST, the State Government can claim the earned revenue.

CGST is referred as the Central Tax levied on transactions of goods and services which take place within a state. Imposed by the Central Government, CGST ensures to replace all other Central taxes inclusive of State Tax, CST, SAD, etc. Prices of goods and services under CGST are charged in accordance with the basic market price.

IGST is applied on the interstate transactions of goods and services. IGST is also applicable on the goods being that are imported to distribute among the respective states. The IGST is levied when the movement of products and services occur from one state to another.

Applicable on the Intra UT supply of goods and services, the aim to impose UTGST is to apply a collection of tax to provide benefits as same as SGST. The UTGST is applicable to five Union Territories namely Lakshadweep, Damn and Diu, Dadra and Nagar Haveli, Andaman and Nicobar Islands, and Chandigarh.

GST presents a transparent tax system imposed on the supply of goods and services. When an item is bought, a common individual sees only the state taxes applicable on the product label and not the various tax components embedded on the product.

The aim of imposing GST is to improve the ease of business operations by enhancing tax compliance, boosting revenue receipts of both central and state government and accelerating economy growth. Eradication of cascading of taxes result in lowered tax burden on many products.

Following are the few benefits of GST mentioned below:

Eradicates the cascading tax effect
Allows higher threshold to businesses for registration
Composition scheme for small business operations
Easy and Convenient online processes
Lesser Tax Compliance
Enhanced Efficiency of logistics

The Goods and Services Tax includes various indirect taxes like the entertainment tax, service tax, VAT, excise duty, luxury tax, and other goods and services tax. However, several special, indirect taxes like the custom tax remain outside the purview of GST.

There are hundreds of provisions and regulations stipulated under the GST Act which must be complied with. Since various technicalities are involved in complying with the law, businesses require expert advice and opinions on the matter.

Handling and replying to the notices and intimations received by the business from the GST department.

We offer GST assessments and case preparation assistance to ensure that there is no heavy penalty for non-compliance.

To avoid penalties and financial implications, we will send due reminders for GST due dates.

We prepare a GST impact analysis report on the business operations. To analyze the impact, we study the following parameters-

Impact of GST on overall operations, supply chain, and working capital.

Impact of the tax on procurement and outward supply.

Change in tax rates and structure and

The flow of input tax credits.

Applicability of GST provisions.
On the requirements for online GST Registrations.
We advise clients on issues like reverse charge mechanism and casual taxability.
We advise clients on the rates of GST applicable on different goods and services.
Assistance in the filing of GST refunds and seeking its clearance.
We offer assistance in monthly GST returns filing and day-to-day GST compliance support.
To ensure a smooth financial year closing, we assist our clients with GST audit services and GST annual return along with complete reconciliation.
Our expert team will handle the notices and intimations from GST Department and ensure their timely reply,
GST Cases Preparation & GST Assessments assistance including an appearance before the authorities to ensure that there is no heavy penalty for any non-compliance.
We will communicate with the vendors for alteration in GST return to ensure the free flow of input tax credit,
We will also send the due reminders for GST due dates to avoid any penalty or financial implications,
We will also help in revising the vendor management process to keep it aligning with the GST provisions.
We offer quality & Technology based GST reconciliation processes to avoid any non-compliance & notices in the future.

Get all your business related solutions under one roof. Taxation, Accounting, Management. You name it, and we have got you covered. Moreover, you will never have to physically meet us as all of our services are carried out online. Get things done quickly with a few clicks and minimum time. From our website to our process everything is designed keeping your convenience as our priority. Our utterly digital process makes your experience smoother and faster.

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