Looking for GST Guidance? Read the FAQs

There are still several businesses and companies which lacks necessary information regarding GST. They need to have proper understanding of the new taxation law in order to gain a competitive edge in the market and contribute towards the economy of our country. Government has already taken crucial steps for making the population understand about the types of taxes and the penalties under the GST law. The simplest way to understand the GST tax law is through the Internet where you’ll get plenty of information’s and GST news. As we all know that GST is a wide subject with lots of articles and slabs, one needs to have proper learning about the same. To help you out with the issues that you might be facing in the current taxation regime i.e. GST, we have listed few FAQs. Take a look.

1.    What is reason due to which the GST will benefit trade, industry and agriculture?

According to the latest GST news, GST is expected to provide relief to the sectors such as trade, agriculture and industries, however, it depends on the taxation slabs of GST. The wider coverage of input tax credit is the one reason why these sectors will be benefited. Apart from this, due to the subsumed taxes, the entire supply chain is transparent and results in better tax compliance and widening of tax base.

2.    How will exporters be benefited via GST?

The exporters will be benefited via GST because if the indirect taxes that have been subsumed under the CGST and SGST. Therefore, now the taxes are being levied on the basis of interstate and intrastate supplies which in turn is increasing the competitiveness of Indian goods and services market. GST compliance is also reducing the cost of exportation in one way or the other.

3.    What is Dual GST and why it is required?

Dual GST means that in our federal country, the taxes are levied by both State and Central. They both have been assigned the powers to collect taxes via appropriate channel of legislation. They have different responsibilities to perform their work according to the constitutional law of fiscal federalism.

4.    In which way the CGST and SGST be framed?

There is a Joint Working Group who performs this entrusted task of preparing draft legislation for CGST. It also sets rules and regulations that needs to be followed by CGST and SGST. However, simultaneous steps are taken into consideration for drafting the legislation of these rules. This working group is also responsible for the issues, advance ruling and dispute resolution that takes place in India.

To have a proper understanding of GST laws, you need to look for websites that give you authentic information without any errors. This way, you’ll be able to enlighten yourself for the new taxation law.

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