GST full form in hindi – what is full form of GST ? – what is GST full form

Gst full form or what is full form of gst ? 

 GST full form ?  OR  What is full form of GST ? , what is GST full form ?  , these are the question in the mind of people in INDIA, when GST is implemented on 1 July 2017. so, we have done deep research and published this article about GST that will tell you each and everything about it.

Gst full form is goods and services tax.  it is the biggest reform in indirect taxes since 1947.  after knowing gst full form , let talk about the main objective of implementing GST Tax.

The Idea behind implementation of GST is to transform India into a uniform tax system. it have removed the tax barrier between the states.

gst full form in hindi is वस्तु एवं कर सेवा.  ye india ke tax ke itihas me sabse bada badlab hai.  gst ko lane ka main udeshya hai india me sabhi rajyo me 1 tax lana hai.

 

 

some frequently asked question about gst tax – full form of gst :

 

1. what is GSTR1 ?

2. Is GATR1 filling  is Mandatory for all GST dealer?

3.  how can i prepare gst return in simple 5 step?

4.  6 important things you must know about  goods and service tax

 

Some Important link for submitting GST Tax Return:

  1. GST Website: indin government have also launched a webiste https://www.gst.gov.in for making easy submmition of GST tax return.

2. you can create login id in above gst website with the login id and password that you have received in dvat website.

3. webpage for online payment of gst tax challan:  Online GST tax payment challan

4.  if you want to check the status of gst tax payment, they you should go to here – check gst payment challan status .

 

 

What is gst taxation system in India?- gst full form :

Gst is classified into sub 3 categories in india.

1. SGST- sgst full form is state goods and services tax. Consumer have to pay sgst tax if they sell and buy goods within the estate.

2. CGST: cgst full form is central goods and services tax.

Example: if Narender who lives in Delhi sells goods to Ravi worth rupees of 10000 rs ( Ravi also lives in Delhi). Here GST rate is 18% where 9 % is sgst and 9% is cgst. Then calculation of sgst and cgst will be following:

Narender will collect 1800 rupees gst tax where 900 rupees is SGST that will go to central government and 900 rupees is CGST that will go to Maharashtra state government.

3.IGST: IGST full form is integrated goods and services tax. It is applicable on inter estate supply of goods and services. Here, goods and services are not consumed where it is manufactured (state).

Example: if ravi in Maharastra sold goods to Mohan in Gujarat worth rupees of 1,00,000, then dealer has to charge 18% IGST tax (18000 rupees). It will go to central government.

 

 

What is gst tax rates in India?

Lets talk about rate of gst tax in india. As you know gst is applicable in india after 1 july, 2017. so, it becomes so important for accountant and company to know about latest gst rates in india for services industry or other goods. so that, they can do accounting work as per new taxation procedure. gst cousin had held meeting on 18 may, 2017 for finalizing the new tax gst rates. in this meeting, they have finalized the following gst rates in india. please find below gst tax rate list in india.

 

what is GST tax rates on goods:

the tax rates on commodities are different under gst tax scheme. you can see some product like cement has highest gst tax rate around 28%. on the other hand, some product like cotton has lower gst tax rate around 5%. it mean that it depends on the product that decide tax rate.

 

Commodities

GST tax rates
FMCG goods like hair oil, soaps,Shampoos, toothpaste and chemical and industrial use intermediaries 18%
Ayurvedic, homeopathy medicines 12%
Cement 28%
Chocolates, chewing gum 28%
Cigarettes 28% + 5% cess
common used consumption food items such as spices, tea, coffee, mustard oil, sugar, vegetable, coal and Indian sweets NIL
Computer printers 18%
Cotton and natural fibre 5%
 milk, rice, wheat,cereals, fruits, vegetable, gur or jaggery , food grains, NIL
Footwear < Rs. 500 18%
Footwear = Rs. 500 5%
Fruit juices, butter, cheese, meets 12%
Gold, diamonds, Silver 3%
bikes, private jets, Luxury yachts 31%
electrinic toys, LPG stoves and military weapon 18%
tobacco, pan masala 28% + cess
Luxury cars 28% + 15% cess
fibre and yarn 18%
Mobile phones 12%
pickles, tomato sauce,fruid preserve, sauce etc. 12%
Pastries, pasta, soupescakes, ice cream 18%
Perfumes, pistols 28%
Pharma -first aid drug 5%
Processed foods 12%
Railway freight 5%
Readymade garments 12%
Silk or jute fibre NIL
Small cars ( diesel driven) 28% + 5% cess
Small cars (petrol driven) 28% + 1% cess
 TV,soft drinks, washing machine, refrigerator, microwave ovens; soft drinks and ac etc. 28%

 

 

Also read:

6 important things you must know about gst in india

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What is GST tax rates for service industries:

the current GST rate is announce in INDIA. we have found that GST rates is different for different commodities.

the following is the list of GST tax tare for service industries where you will see that some services have tax rates of 18% and other have other tax rates.

Services

GST tax rates
5 star hotels 28%
AC restaurants with liquor license 18%
Airlines (Business class) 18%
Cab service – Ola, Uber 5%
Hotel room tariff — Rs. 2,500 – 5,000 18%
Hotels with tariff– Rs. 1,000 – 2,500 12%
Movie tickets < Rs. 100 28%
Movie tickets > Rs. 100 18%
Non AC restaurants 12%
all industries that deels in gems, textiles and  jeweller 5%
Railways (AC) 5%
Real estate – Work contracts 12%
Restaurants whose annual turnover is less than Rs. 50 lakhs 5%
Sleeper, passes, metro tickets NIL
Telecom industries and financial service 18%

 

Latest update about gst dated 10-09-2017:

the following are the latest updated about gst in india. you can also send some update and useful information by commenting.

 

Gst return Form in india – gst full form:

if you are looking for gst return form number for filing you company return, then following information is useful for you. there are 5 form under gst tax 2017.

these information is very helpful for accountant and CA.

GST FORM PURPOSE DATE
GSTR 1 OUTWARD SUPPLY 10th of next month
GSTR 2 INWARD SUPPLY 15th of next month
GSTR 3 Monthly Return 20th of next month
GSTR 8 Annual Return 31st of next month
GSTR 4 Quarterly Return 18th of next month of quarter
     
TAX OUTPUT TAX  
IGST IGST  
  CGST  
  SGST  
     
CGST CGST  
  IGST  
     
SGST SGST  
  IGST

 

Can we explain gst in india with example? : 

If you are looking for easiest way to learn about gst calculation, then you are right place. here we are going to show you simple and easy example of gst tax calculation in india. you can use this gst calculation formula.

 

GST Example 1 = Manufacture to Wholesaler – GST FULL FORM:

Particulars Without GST ( In Rupees) With GST (Rupees)
   
Cost of Production 5,000.00 5,000.00
Add: Profit Margin 3,000.00 3,000.00
Manufacturer Price 8,000.00 8,000.00
Add: Excise Duty @ 12% 960 0
Total Value for seller A 8,960.00 8,000.00
Add: VAT @ 12.5% 1120
Add: CGST @ 12% 960
Add: SGST @ 12% 840
Total Invoice Value for manufacturer 10,080.00 9,800.00

 

 

GST Example 2: Wholesaler to Retailer – GST FULL FORM:

Particulars Without GST ( In Rupees) With GST (Rupees)
     
Cost of goods to Wholesaler For retailer A 8,960.00 8,000.00
Add: Profit Margin@10% 896 800
Total Value For Retailer B 9,856.00 8,800.00
Add: VAT @ 12.5% 1,232.00
Add: CGST @ 12% 1056
Add: SGST @ 12% 1056
Invoice Value for retailer A 11,088.00 10,912.00

 

 

GST example 3 – Retailer to Consumer – GST FULL FORM:

Particulars Without GST ( In Rupees) With GST (Rupees)
     
Cost of goods for Retailer B 9,856.00 8,800.00
Add: Profit Margin (10%) 985.6 880
Total Value for seller C 10,841.60 9,680.00
Add: VAT @ 12.5% 1,355.20
Add: CGST @ 12% 1,161.60
Add: SGST @ 12% 1,161.60
Total Price of goods to the Final consumer 12,196.80 12,003.20
Cost saving to consumer (in rupees) 193.60
Percentage of Cost Saving for consumer 1.6

 

 

 

ACCOUNTING ENTRIES FOR GST IN TALLY SOFTWARE:

If you are looking for gst accounting entries in tally software, then you are right place. Here we are going to tell you detail information about how can you do accounting entries in tally software or treatment of gst.

Here, we are assuming CGST @8% and SGST@8%

 

 

 

Gst entry calculationg Example 1

mr. a purchases goods of 10000 rupees locally ( in state)

The accounting entries will be below for this transaction.

 

Purchase account – dr.   10000

Input CGST -dr                   800

Input SGST -dr                   800

To Creditors                                     11600

 

 

 

Gst entry Example 2: if mr. A sold goods to mr. B for 15000 rupees within the state.

Debtors Account  – Dr. 17400
             To Sales Account 1,50,00
             To Output CGST Account 12,00
             To Output SGST Account 12,00

 

 

 

 

Gst entry Tax Example 3:  He paid legal fees of Rs. 5,00.

 

Legal fees Account  – Dr. 5,00
Input CGST Account – Dr. 40
Input SGST Account Dr. 40
   To Bank Account –Cr 5,80

 

 

 

Gst  entry Tax example 4  : He purchased some office furniture for Rs. 12,00.

 

Furniture Account – Dr. 12,00
Input CGST Account – Dr. 960
Input SGST Account – Dr. 960
             To xyz Furniture Account 13,92

 

 

Frequently asked question answer about gst in india – gst full form:  

1. Are you liable to pay gst tax?

Business and companies whose total turnover sale is exceeding 20 lakhs per year are liable to pay gst. But if you live in special category state and north region, then the threshold limit change into 10 lakhs per year.

 

 

2. What is input tax credit in gst?

The GST input tax credit is the amount that can be adjusted towards output gst tax amount. It is just like input and output tax adjustment.

Example: if you have paid 10000 rupees as output gst and your input gst on purchases are 6000 rupees. Then, net gst payable will be = 10000- 6000 = 4000 rupees.

The formula of gst tax calculation = Output GST – Input GST.

 

 

3.What are the existing taxes that are subsumed into gst?

All the indirect tax like vat, service tax, custom etc have subsumed into gst tax. Now you will see only one indirect tax across the India.

4.What are the main benefit of gst?

One other the biggest advantage of application is gst is transparency on taxes. At present, if a consumer purchase any goods then he see only see the taxation part of estate level. But after application of gst, consumer can see the whole taxation part whether it from estate level or central level. Gst will crease ease to do business that will make entry level more effective. This new tax system are expected to bring growth in GDP around 2 to 3%. There are many item in which tax burden will remove.

5.What is gst tax rate on import or export of goods in India?

If you are deeling in importing of product, the you have to pay IGST (integrated goods and services tax).  There is no tax at Exporting of goods. Even you will get refund if you spend money on raw material and services.

 

 

 

6.What is the anti- profiteering scheme or mechanism in gst?

Anti-profiteering mechanism is the clause in gst that ensure the reduced tax burden passed to customer or consumer. It also prevent increase in price of goods and services. The anti- profiteerimg group will also apply some strategy for protecting consumer.

7.What are the authority behind gst decision? Or who takes decision regarding gst taxation in India?

Decision is taken by voting of union and estate member. Decision is taken by 75% weighted votes with majority.

8.What is input credit in goods and services tax(GST).

Input credit is the tax amount that can be adjusted toward output gat tax. There is a formula and adjustment entry of gst input and output tax which are as below:

Output gst account.. Dr
To input gst account.. Cr
To gst payable account..Cr

Gst calculation formula :
Gst payable = output gst – input gst

This gst calculation formula as as simple as vat calculation formula. You have to adjust input gst tax asamount toward output gst tax amount. If outpatient gat tax amount is eccess, then the remaining balance amount will be gst taxable amount. If input gst tax is more than output gst tax amount , the excess balance over output gst tax amount will be refundable.

 

 

What is benefit of gst bill ? – gst full form :

    1. The entire Indian tax system will be uniformed into a single tax system which may translate into lower business cost as it was expected. It will reduced the or eliminate the various inter-state tax.
    2. The tax structure will be simple.
    3. Export oriented companies are the main beneficiary of gst bill as it is not applied on goods and services which are exported out of india.
    4. The suppliers, manufacturers, wholesalers and retailers are able to recover gst incurred on input costs as tax credits. This reduces the cost of doing business.
    5. Lower tax burden could translate into lower prices on goods for consumers. But, on the contrary side it will make several thing costly like, restaurants bills, mobile bills etc.
    6. Number of tax departments will reduce which in turn may lead to less corruption.
    7. Unorganized sector in india will come under tax regime.
    8. Most small business comes into the tax regime which will not cover under current scenario. It will increase the revenue for the government.

 

GST full form in hindi What is gst tax rate in india benefit of gst full form name

Get tax rates slab for the financial year april 2017 to march 2018. ( assessment year 2018 to 2019) – Gst full form:

Gst rate structure have been finalizes, fixed rate of 5%, 12%, 18% and 28% in India. it is biggest news that tax rate for get have been finalized. the final implementation date is 1 july, so that companies can implement it in their taxation system.there is one downfall in gst tax implementing, the goods in which higher tax is imposed can be ignored by the buyer, because they have to pay more tax on those kind of goods. that is why government is trying to solve this problem. it is assumption by big tax analytics that government may cut down some percent rate from high tax slab.

example: government can consider to refuse the tax amount on luxurious item from 28% to 26%.the higher tax rate may dis-motivate those industries have which high tax is implemented.

Key point of gst tax implement action in India – gst full form:

– government have given deadline time to July 1 for gst implementation.

-gst rate structure  will be in 4 categories. rate will be most probably 5% , 12% , 18%and 24%.

– if your company is situated in Delhi, then you can login Delhi value added (Dvat) site for apply your get number.

– all the information like new password and login I’d of gst registration will receive on dvat site.

– if you have 2 service tax number. in this case, you will received your company new get login I’d and password on your active service tax registration number. for that, you have to login in you active ST account and get the password and Id for gst.

-it is consider that all the tax filing procedure will be remain same for reducing the complexity of new tax implementation.

-get is a indirect tax that is application India after 1 July 2017.

– mostly country gave around 3 months to 1 year to its citizens for prepare for gst.

– is is proper to levy 4% get on gold product s.

– a higher tax rate of 40% may be implemented in state like Kerala.

– gst is one of the big changes in India tax structure after 1947.

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WhAT is gst full form – know about gst in detail – gst ready kit free:

What is full form of gst ?

The full form of GST is goods and services tax. It is indirect tax that is introduced in July 2017 in india. It have removed all other taxes from india taxation system like cotome duty, vat , excise duty etc.

 

 

What is the journal entry of booking gst if there is service tax in invoice?

The entries are very simple to understand. If you know about the old entry of service tax then, it will be easier to you to understand the GST journal entry booking.

 

 

Old entry of service tax booking:

Profestional fees Dr.               10000

Service tax credit avail Dr.          140

Swatch bharat cess  Dr.              50

Krishi kalyan cess    Dr.               50

To tds on profesional fees        Cr.                                         1000

To Party                                          Cr.                                               924

 

 

 

 

 

 

 

 

New entry of Gst booking if invoice has service tax:

 

Profesional Fees   Dr.                   10000

Input gst  Dr.                                      180

To tds on professional fees            Cr.                  1000

To Party                                               Cr.                 8820

 

Rule of the applicability of gst as per state: 

sgst and cgst id applicable if you purchase or sells good within  the state.

Example: if your company has head office in delhi and it purchase some goods from a dealer who lives within delhi. In this case, igst and sgst is applicable. The percentage of sgst and cgst is 9% . it may be differ according to states. It may be 14% in some state and total comes out 28%.

 

 

Igst is applicable when there is sell and purchase outsite the states happens.

Example:  if company that is established in delhi and purchases goods from mumbai. In this case, there will be igst tax applicable.

Also read:

6 important things you must know about gst in india

What is full form of gst sgst cgst igst in India in hindi

How should I check the invoice after get application. 

1. There should be your gst number, address and company name in the invoice.

2. Top of invoice should be written tax invoice. You can also write performa invoice that means invoice amount may be changes ap per requirement.

3. There should be party’s name, get number and address in the  invoice.

4. There should be clear mean of transportation that is mention in the invoice like it is courier , it is sent by hand or other means.

5. If service and goods is consumed within the same state, then there should be application of SGST and CGST. But if the goods and services is consumed outside the state, then there should be application of IGST in the invoice.

6. Gst tax rate is vary according to state, goods and service. Normally, igst has tax rate slab of 18% tax and CGST and SGST have 9% of tax slab. But in the case of vehicle hire, the igst tax rate is 5% that mean CGST and SGST, both have 2.5 % tax rate slab.

7. In the case of non registered get dealer, if you deal with such kind of dealer, then you have to pay gst tax under the reverse mechanism method.

in next week, we are going to introduce a 7 day free course for those student and professional who want to learn each and everything about gst taxation system in india. it is free gst ready kit. the topics of course are as follow:
1. what is gst full form?
2. how can i do gst tax calculation?
3. how can i enroll my company in gst in india?
4. what is benefit of gst ?
5.  what is journal entry of booking expenses in gst?
6. how can i book gst entry with reverse mechanism effect of service tax etc.

 

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25 COMMENTS

  1. what is the tax rate percentage in gst tax? I want to know the slab rate for current financial year.

  2. Gst full form is goods and services tax. gst number ka registration karne ke liye app DVAT Ki website par jakar login kare. fir waha apni company ki detail fill karke submit kare.

  3. sir, how can i register my company in gst? is any charges for registering in gst taxation? please help me

  4. what is effective date of gst.? sir, i am accountant i want to know what is due date of gst return in india.

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