Goods and Services Tax (GST) Overview

Front

What was the tax system like before GST?

Back

Every state had a variety of taxes levied at different stages of trading.

Front

What taxes existed before GST?

Back

Excise Duty, Custom Duty, VAT, Entertainment tax, Central sales tax, Service tax, Octroi, etc.

Front

What is the significance of GST?

Back

GST is referred to as One nation, One tax, One market.

Front

When did GST come into effect?

Back

GST came into effect on 1st of July 2017.

Front

What does GSTIN stand for?

Back

Goods and Service Tax Identification Number.

Front

Who is required to have a GSTIN?

Back

Dealers whose annual turnover in the previous financial year exceeds rupees 20 lacs.

Front

How many alphanumerals does a GSTIN have?

Back

GSTIN has 15 alphanumerals.

Front

What does GSTIN include?

Back

GSTIN includes the 10 digit PAN of the dealer.

Front

What is SGST?

Back

SGST stands for State Goods and Service Tax, which is to be paid to the state government.

Front

What is CGST?

Back

CGST stands for Central Goods and Service Tax, which is to be paid to the central government.