GST full form OR full form of GST ? , what does gst stands for ? , these are the some common questions that are 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. full name of gst , gst full form , full meaning of gst is explained here. please read full article about gst.
short snapshot about gst:
- GST is implemented on 1 July 2017.
- gst is indirect tax.
- there are 3 sub categories in gst tax – 1.CGST, 2.SGST and 3.IGST.
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GST full form in different languages:
|GST full form in English||Goods and Services Tax|
|GST full form in Sindhi||سامان ۽ خدمتون ٽيڪس|
|GST full form in Urdu||سامان اور خدمات ٹیکس|
|GST full form in Arabic||ضريبة السلع والخدمات|
|GST full form in Hindi||वस्तु एवं सेवा कर|
|GST full form in Marathi||वस्तू आणि सेवा कर|
|GST full form in Nepali||सामान र सेवा कर|
|GST full form in Bengali||পণ্য ও পরিষেবা কর|
|GST full form in Punjabi||ਗੁਡਸ ਐਂਡ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ|
|GST full form in Gujarathi||સામાન અને સેવાઓ કર|
|GST full form in Tamil||பொருட்கள் மற்றும் சேவைகள் வரி|
|GST full form in Telugu||వస్తువులు మరియు సేవల పన్ను|
|GST full form in Kannada||ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿಗೆ|
|GST full form in Malayalam||വസ്തുക്കളും സേവന നികുതിയും|
GST full form is Goods and Services Tax:
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 has 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.
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ST tax rates updates after November 2017:
|GST tax rates slap items under 5%||GST tax rates slap items under 12%||GST tax rates slap items under 18%||GST tax rates slap items under 28%|
|Agarbatti||Tooth powder||Hair oil|
|Apparels upto₹1,000||Work contracts,||Headgear|
|Ayurvedic Medicine||Almonds||Pastries||Hair clippers|
|Braille paper||Sewing Thread of Manmade Staple Fibres||printed|
|Braille typewriters||Diagnostic kits & reagents||tissues|
|Braille watches||Manmade Yarn||kajal pencil sticks|
|Cashew nuts||Jelly||Pasta||Aircraft for personal use|
|Coir mats||Sewing machine||After-shave items|
|Cullet or Scrap of Glass||Nil Sewing Thread of manmade filaments||computers|
|Edible oils||Nuts||Vanity case||Washing machine|
|Fertilizers||Exercise books||Branded garments|
|First day covers||Chess board||speakers|
|Fish fillet||Non-AC restaurants||Mixed condiments|
|Floor covering||Umbrella||Preparation for facial make-up|
|Footwear upto ₹500||Notebooks||Footwear priced above ₹500|
|Frozen vegetables||Jjam||Chewing Gum/Bubble Gum||Automobiles Motorcycles|
|Hearing aids||Glasses for corrective spectacles and flint buttons||circuits|
|ICDS Food Packages||Preparations of vegetables||Soups||Paint|
|Khakra & Plain Chapati||Pickle||Briefcase||Water heater|
|Milk food for babies||Fruits||Suitcase||Wallpaper|
|Packaged food items||State-run lotteries||Mixed seasonings|
|Packed paneer||Chutney||Ice cream||Dishwasher|
|Pizza bread||Frozen meat products,||Curry paste||Weighing machine ATM|
|Plastic Waste||Cake servers||Shaving|
|Postage stamps||Playing cards||printers|
|Real Zari||Apparel above ₹1000||Soap|
|Revenue stamps||Carom board||camera|
|Roasted coffee beans||Murabba||Chocolates||Vacuum cleaner|
|Rusk||Packaged dry fruits||Mayonnaise||Vending machines|
|Sabudana||Animal fat sausage,||Salad dressings||Aerated water|
|Skimmed milk||Packed coconut water||Preserved vegetables||Ceramic tiles|
|Sliced Mango||Fruit juice||Cakes,||Dye|
|Spices||Namkeen||Instant food mixes||Pan masala|
|Sugar||Ghee||Biscuits||Waffles and wafers coated with chocolate|
|Tea||Butter||Flavoured refined sugar||Sunscreen|
|Unbranded Namkeen||Bhujia,||Corn flakes||Bidis|
apart from above items, the following items are also categories under tax slab of 18% rates under gst tax after November 2017.
- Electrical transformer
- Aluminium foil Furniture
- Aluminium frames
- Artificial flowers
- Artificial fruits
- Bidi Patta
- Electrical boards, panels and wires
- Leather clothing
- Light fitting
- Mineral water
- Modelling Paste for Children
- Multi-functional printers
- Musical instruments and their parts
- Optical fiber
- Padding pools Swimming pools
- Physical exercise equipment
- Plain Shaft Bearing
- Poster Colours
- Razor and razor blades
- Safety glass
- Some Diesel engine parts
- Some parts of pumps
- Stationery items like clips
- Steel products
- Stones used in flooring, marble & granite
- Washing and cleaning preparations
- Weighing machinery (non-electrical or electronic)
- Wrist watches
what is gst?
Gst is an indirect tax that have merged many indirect tax into one. The present tax system is very complicated. There are so many indirect tax at state or central level. To simplify this, India government have introduced gst.
Example: we pay vat on purchasing of goods, we pay entertainment tax on movies etc. Now there is one indirect tax in India after implementation of gst. As its name suggest, It is applied on both goods and services. Gst is collected at each stages of sell or purchase of goods and services.
How is gst applied?
It is applied on services or goods at the place where final consumptions happens.
Gst tax overview:
In starting, as a normal every new tax Brings some complicity and doubts in the mind of tax payer. Gst have,also bring some taxation problem. People are not able to understand it at once, but gst online portal helped these taxpayer a lots for make them understand gst taxation systems. There are many online tutorial videos and PDF that is very useful for taxpayer. You can download this free tutorial by visiting gst online portal website.
You have seen many headline where it is states that many businessman and tax payer are struggling for filing correctly their first two month returns. As per my opinion, it is common to have some problem in stating if there is new rules or taxation system. If I talk about gst, it have also brought many tax relates problem, but these are for short time span.
Now in October 2017, if I talk about gst return filing problem and their solution, then I would like to say it is much easier than old taxation system.
Gst portal website is very helpful for dealing with any kind of gst related issue and problem of dealers and taxpayers.
Is gst shaking Indian economy? Gst us launches at 1 July 2017 during many guess and assumption of its impact on India economy. Some people is taking side of launching gst and giving statement that it will create one tax across India. In the other hand, many people is against of launching gst and giving statement that it will effect India economy in negative way.
It has made one tax for 17 states in India. This mean for these 17 state, central tax and local tax percentage and tax return is same. There are 4 series of tax percentage in gst 5%, 12%, 18% and 28%.There is very big and clear thinking is Mr. Narender modi for doing all this tax changes.
Modi ji wants to remove the complicated tax structure of India taxation system. By implementing of gst, modi ji have achieved their target up to some mark. Many other government goals are about to archives. Yes, there is some percentage downfall in Indian economy, but as far as I know that it is normal downfall that can be overcomes in upcoming few months.
Some Important link for submitting GST Tax Return:
- 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 ( https://services.gst.gov.in/services/login ) 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 (https://payment.gst.gov.in/payment/ )
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%|
|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|
|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%|
|pickles, tomato sauce,fruid preserve, sauce etc.||12%|
|Pastries, pasta, soupescakes, ice cream||18%|
|Pharma -first aid drug||5%|
|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%|
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%|
|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 :
these information is very helpful for accountant and CA.
|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|
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|
|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
- 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.
- The tax structure will be simple.
- 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.
- 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.
- 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.
- Number of tax departments will reduce which in turn may lead to less corruption.
- Unorganized sector in india will come under tax regime.
- Most small business comes into the tax regime which will not cover under current scenario. It will increase the revenue for the government.
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 194
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gst full form – know about gst in detail – gst ready kit free:
1.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.
2. 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:
Professional fees Dr. 10000
Service tax credit avail Dr. 140
Swatch bharat cess Dr. 50
Krishi kalyan cess Dr. 50
To tds on professional 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.
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 per forma invoice that means invoice amount may be changes as 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.
what is the validity of composition scheme of gst?
a person is considered to follow all rules and condition under composition scheme. his company is remain valid till he is paying tax as per composition scheme.
what is the treatment of issuing of invoice in composition scheme of gst ?
if you are under composition scheme of gst, then you should issued bill of invoice or supply invoice instead of tax invoice.
what will happen, if the person who is registered under composition scheme of gst purchase goods from a unregistered dealer?
if a person who is registered under gst composition scheme purchase goods and services from a unregistered dealer, then he has to pay gst tax under reverse charge at normal rates.
in the other case, if he purchase goods and services from a registered dealer, then he do not need to pay reverse tax charge under section 9(4).
What is the treatment, if a person under composition scheme cross the threshold limit of 50 lakhs?
if a taxpayer who is registered under composition scheme cross the turnover threshold of 50 lakhs, then he has to pay gst tax from the day on which he crossed the limit.
example: if abc company cross the threshold limit of 50 lakhs under composition scheme on 15 December 2017, then he has to pay gst as normal taxpayer from the day (15 December) on which he has crossed the limit.
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