Skip to main content

what are the similarities between the earlier taxation system and the GST regime?

 As we all know that GST was conceptualized by the Atal Bihari Vajpayee Government in 2000 and the implementation of GST in India on 1st JULY 2017 was a historical move, as it marked a significant indirect tax reform in the country.

Overall if you will see then the earlier taxation and GST regime is almost same and A lot of similarities are there, the thing is that only the ways and procedure has changed.

Concept of taxation is same in both systems only the procedure and method has been modified.

Major similarities that comes to my mind are:

  1. Online filling of tax returns.
  2. E- Way Bill Needed for invoice greater than 50000.
  3. Cascading effect - ITC available to be claimed.
  4. Method of calculating Tax.
  5. Distribution of tax is same as we pay CGST as central tax and SGST as state tax and IGST as interstate tax, earlier it was VAT, ET, & CST. 
  6. Percentage based rates of tax.
  7. Tax on export of Goods & Services was excluded earlier also and it is excluded in GST also.
Overall if you sit to write about similarities and differences then because of the changes in method of taxation has lead to a lot of differences than similarities, but overall the concept of taxation is same.


Labels:

Comments

Post a Comment

IF YOU HAVE ANY DOUBTS REGARDING GST RETURNS OR ACCOUNTS RECONCILLATION YOU CAN CONTACT FOR FREE AT [email protected]

Popular posts from this blog

Types of GST REGISTRATION

There are 7 types of Registration Under GST or we can say that A Tax payer can get registered by 7 ways under GST Portal or GST Regime. Normal Taxpayer Visit -  https://www.gst-return-filling.com/2023/03/gst-registration-essential-documents.html Tax Deductor at Source (TDS) Tax Collector at source (TCS) Non resident Taxable person Non resident Online Service Provider GST Practitioner UN Bodies, Embassies or Other Notified Person
2 comments
Read more

GSTR 3B VS GSTR 1 & ITC COMPARISON SHEET

Outward Supply and ITC Comparison Sheet is a sheet that shows the difference of outward supplies filed in GSTR 1 VS GSTR 3B and the difference between your claimed ITC in GSTR 3B vs ITC in GSTR 2B. Usually the ITC Comparison sheet was visible in the Return Dashboard next to GSTR 2A, but after introduction of GSTR 2B the ITC Comparison sheet is no longer can be accessed from return dashboard. Here are the Steps from where you can access the ITC Comparison sheet easily. Go to www.gst.gov.in Login with your credentials. Click on Services next to Dashboard on the top bar Click on Returns next to ledgers from the drop down menu In the drop down menu right hand side you can see Tax liabilities & ITC comparison sheet. Below is the image for better understanding. Then select Financial year for which you want to download the comparison sheet and click on search Then your comparison sheet will get open and will be visible as shown below in the image. You can also Download Excel file
Post a Comment
Read more

New GST Rates amid 12th July 50th GST council Meeting

GGST rates Increased or Decreased The 50th GST council meeting that took place on 12th July Tuesday has the below outcomes: ITEMS/PARTICULARS/PRODUCTS/SERVICES CURRENT GST RATES ( OLD RATES) MODIFIED   GST RATES ( NEW RATES) Quarziba Medicine 12% NIL ( Not Taxable) FSMP (Medicines & Food for special Medical Purposes. 12% NIL ( Not Taxable) Imitation (Copying/duplicity) of Zari Thread 12% 5% LD slag 18% 5% Uncooked/Unfried snack pellets 18% 5% Fish Soluble paste 18% 5% Private Satellite Launch Service 18% NIL ( Not Taxable) Food and beverages when sold with Cinema Ticket. 18% 5% Gaming /Horse Racing / Casino 18% 28% Cess on Utility Vehicles (If certain Paramete
Post a Comment
Read more