Get Known about GST

GST stands for (Goods and Service Tax) for most of the country such as Australia, Canada, Hong Kong, India, Malaysia, New Zealand and Singapore, but in as we know USA they like to keep themselves unique with others so they call (GST Generation-Skipping Transfer Tax).

In India (GST) Goods and service Tax is divided in five parts 0%, 5%, 12%, 18%, and 28%. This Tax does not implement on Alcoholic Drinks and Petroleum Products (Petrol, Diesel etc.) as they have are separately taxed, depend on States and state governments. If you are buying house, land or property then on that you have to pay highest GST which is 28%, this same rate will go for aerated drinks, luxury cars, and tobacco products. This came under implementation in India from 1st July 2017.

As GST percentage was divided into 5 parts due to which it was initially giving so many issues to people due to which Gst software or Gst billing software came in the picture to easy the GST calculation to the customer for whom GTS was completely new for them.

The reason for bringing GST into Action was very necessary as every state and state government have there owned Taxing System which brings so much confusion also this was making cost high on regular use products. So the basic reason to bring GST in the picture to remove the difference between cost from state and state government (State and Central Government). GST rates, rules, and regulations are governed by the Goods and Services Tax Council which comprises finance ministers of center and all the states. The main reason for implementing GST to simplify the taxing system and remove indirect taxes with a unified tax help to reshape India by 2 Million dollar Economy.

To know the Gst accounting software price list you can visit pathesolution.com to check the details.This was launched by former President of India, Pranab Mukherjee and Prime Minister of India, Narendra Modi. There was 22 member committee to look into GST before it came in implementation to make sure there was more and more benefit given to people and cover goods and services which is used by us on every day, to make sure it benefits to every common man. GST law was passed by each State and Union Territories Except Jammu and Kashmir. The reason for rejection not given but on 7th July 2017, Jammu and Kashmir state legislature passed that and this way Country Accepted and Implemented GST (Goods and Service Tax).

As GST (Goods and Service Tax) was passed in Accordance with the provision of Article 368 of the constitutions by referring half of the state legislatures. There are 31 States in India in which 26 Staes who agreed on the bill and 5 States who denied or not accepted, but due to the majority even they have accepted the Bill.