{"id":6168,"date":"2019-11-21T12:03:42","date_gmt":"2019-11-21T12:03:42","guid":{"rendered":"http:\/\/consulting.stylemixthemes.com\/demo\/?page_id=6168"},"modified":"2024-02-17T15:05:40","modified_gmt":"2024-02-17T15:05:40","slug":"faq","status":"publish","type":"page","link":"https:\/\/htcorps.com\/in\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"

[vc_row][vc_column][vc_custom_heading source=”post_title” use_theme_fonts=”yes”][vc_custom_heading text=”GST (Goods and Services Tax)” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes”][\/vc_column][\/vc_row][vc_row][vc_column offset=”vc_col-lg-8 vc_col-md-8″][vc_tta_accordion c_position=”right” active_section=”1″][vc_tta_section title=”What is GST (Goods and Services Tax)?” tab_id=”1574338209493-2bde497c-9fb4″][vc_column_text]GST is a consumption-based tax that replaced various indirect taxes in India. It is levied on the supply of goods and services.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is the objective of implementing GST?” tab_id=”1574338208492-e38519b2-252c”][vc_column_text]The main objective of GST is to create a unified and simplified tax system, reduce tax cascading, and promote ease of doing business.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”How is GST different from the previous tax regime?” tab_id=”1574338207987-d1d0ac2b-e38b”][vc_column_text]GST replaces multiple indirect taxes, such as VAT, excise duty, and service tax, with a single tax, streamlining the taxation process.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What are the components of GST?” tab_id=”1574397812647-99a54a4b-1e29″][vc_column_text]GST comprises Central GST (CGST), State GST (SGST), and Integrated GST (IGST) for interstate transactions.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is the concept of ‘Input Tax Credit’ in GST?” tab_id=”1574397890371-5142bfca-d217″][vc_column_text]Input Tax Credit (ITC) allows businesses to offset the tax they have paid on inputs against the tax they collect on outputs, reducing the tax liability.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”How is GST categorized in terms of rates?” tab_id=”1574397899955-e0fdfa6e-d23c”][vc_column_text]GST rates are categorized into four slabs: 5%, 12%, 18%, and 28%, with some goods and services attracting a nil rate or falling under the cess category.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Who is liable to pay GST?” tab_id=”1574397912180-543d82a5-3462″][vc_column_text]The liability to pay GST typically falls on the supplier of goods or services, except in cases of reverse charge where the recipient is liable.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is the threshold limit for GST registration?” tab_id=”1574397915650-1f030d90-611c”][vc_column_text]The threshold limit for GST registration varies based on the type of business and location, with a higher limit for small businesses.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”How is GST calculated on the transaction value?” tab_id=”1574397920191-e0608f7e-2b70″][vc_column_text]GST is calculated as a percentage of the transaction value, with the applicable rate determined based on the type of goods or services.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is the difference between CGST and SGST?” tab_id=”1574397924761-1640dfbf-cd09″][vc_column_text]CGST is collected by the Central Government, while SGST is collected by the State Government on the same transaction to avoid double taxation.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is IGST, and when is it applicable?” tab_id=”1706619084174-60a955a0-2049″][vc_column_text]Integrated GST (IGST) is applicable on interstate transactions and is collected by the Central Government.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”How is GST compliance different for businesses and individuals?” tab_id=”1706619091910-5583f1ca-8a68″][vc_column_text]Businesses need to register, file returns, and pay GST regularly, while individuals generally encounter GST only when making purchases.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What are ‘HSN codes’ and ‘SAC codes’ in GST?” tab_id=”1706619089126-35b7d049-5383″][vc_column_text]HSN (Harmonized System of Nomenclature) codes are used for goods, and SAC (Service Accounting Codes) are used for services to classify them under GST.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”How would you differentiate between CGST, SGST and IGST?” tab_id=”1708182149939-135f77d0-b64c”][vc_column_text]<\/p>\n