GST Collections – refers to be the revenue generation by government under the GST Regime introduced on July 1, 2017, with moto of replace the complex tax system of multiple indirect taxes, like, Service Tax, Excise Tax and Value Added Tax (VAT).
What is GST??
Let’s understand first about the GST and some important points related to GST.
The Goods and Services Tax (GST) is a value added tax i.e. VAT imposed on Goods and Services sale for Domestic consumptions. The GST is paid by consumers or service receivers, but it is remitted to Government by the businesses who sells the Product and Services.
France is the first country who had implemented the GST in 1954, Across the World 140 countries across the world implemented the GST. Countries like, Canada, Vietnam, Australia, Singapore, United Kingdom, Spain, Italy, Brazil and so on.
There are some key points to remember about the GST are,
The Tax is included in the final cost of Goods and Services.
It is Indirect tax.
The GST is taxed at a single rate across the Nation.
Purpose of Tax GST collection to Improve Nation’s tax systems and the tax avoidances Practises.
The Components of GST are follows: –
1. CGST (Central GST)— Applied on Intra State supplies of Good and Services by Central Government.
2. SGST (Central GST)— Applied on Intra State supplies of Good and Services by state Government.
3. IGST (Integrated GST)— Applied on Inter-State supplies of Good and Services by Central Government.
4. Compensation Cess—GST collected on specific goods and services to compensate states for any revenue loss during the initial years of GST implementation.
The Types and structure of GST rates In India are as follows.
• There are five GST slabs as 0%, 5%, 12%, 18% and 28% for regular taxpayers.
• There are some rates like 3% or 0.25% used less.
• Taxable composition person needs to pay General Service Tax at lower or nominal rates such as 1.5%, 5% or 6 % on their turnovers.
• TDS and TCS are also comes under GST with 2% and 1% respectively.
All Goods and Service transacted in Cournty are classified under Two code systems,
HSN Code System and SAC Code System.
A. HSN (Harmonized System Nomenclature) Code System: - Developed by World Custom Organizations for Internationally accepted commodity descriptions and coding system. More than 200 countries are using HSN for their customer tariffs.
Over 98% international merchandise is classified using HSN code, Hence, Government chose to use HSN code for GST Classifications.
Current version of HSN Code is HSN Code 2017.
B. SAC (Service Accounting Code) Code System: - Classification system for services. The General service are classified in 5 slabs using the SAC Code, 0%, 5%, 12%, 18% and 28%
If the services are not in GST Exempt or not GST Rates provided, the default 18% GST will apply.
The GST Collection is critical source of revenue of government and are used to fund the public services and Infrastructure developments. The GST Collection may vary months on months due to some factors like, Business activities, changes in Tax Systems, Economic conditions.
GST REVENUE COLLECTION DATA (2028 TO 2022)
GST Collection Data (CR)
The GST Collections presents the financial status and dynamism, shows Financial Health of Nation. The GST Collections are Guage for Economic Growth as, help to balance the Financial plannings, Indicator Good Financial health, consumptions of Good and Services, and Government Expenditures.
The Current GST Collection grew to 1.59 lakhs crore in August, up to 11 % on year-on- Year basis.
The Above all information shows that, Student has very big scope and Learning opportunities in Taxations, Accounting and Finance sector to serve the Economic sector Effectively and Efficiently.
All Taxpayer needs Register his/her business on GST Platform and required to file the GST Returns on timely basis. They all need the help of Experts in GST and Its returns filling to ease the Filling and Tax Paying process.
There are many Types Returns like GSTR 1, GSTR 2, GSTR 2A, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9, GSTR 9C, GSTR 11.
The ITAP (Institute of Taxation and Accounting Professionals) has Best and thoroughly prepared GST Certification course with other Accounting Subjects with Practical knowledge and experience through Well-known and Expert faculties.
The following all Topic to be become GST consultant or Expert been covered by ITAP.
• Concept of GST.
• CGST / SGST / IGST / UTGST.
• Online GST registration.
• GST Input Tax Credit (ITC).
• Reverse Charge Mechanism.
• Calculation of GST.
• GST Electronic Ledger.
• GST Returns.
• Time of Supply.
• Place of Supply.
• E waybill.
• GST Composition Scheme.
Hence, if you want to participate in service of Nation to provide good Economic Health and New Development, Career in GST always promising sector to choose.
CHOOSE THE BEST, BE THE BEST!!!