Page 40 - NIS English 01-15 July 2022

Reform 5 Years of GST

HASSLE OF FILLING FORMS IS OVER NOW

The full form of GST is - Goods And Services Tax. When GST was

implemented on July 1, 2017, Prime Minister Narendra Modi
termed it as Good and Simple Tax.

Types of GST Before GST (VAT) After GST The number of GST return files increased in
tandem with the increase in GST revenue. The
Contract 317 0 possibility of black marketing and smuggling
Invoice 12 1 has been eliminated. Every commodity now has
the same price throughout the country.
Announcements 32 0
Form 122 11

Transit Form 2 0
Worksheet 4 0
Invoice format 5 0
Register 1 0
Total 495 12
Benefit to consumers
According to a report, the average monthly expenditure of GST SYSTEM IMPLEMENTED IN 4 NAMES
an average Indian household has come down by up to 4
percent since the introduction of GST. CENTRAL GOODS AND SERVICE TAX
(CGST)
Items Tax rate before GST, Tax rate after GST If a transaction is taking place between

Milk powder 6% 5% two parties of the same state then
CGST has to be paid as part to the
Tea 6% 0 center.
Wheat 2.5% 0
Flour 3.5% 0 (SGST) | STATE GOODS AND
SERVICE TAX
Sunflower Oil 6% 5% If a transaction is taking place between
Sugar 6% 5% two parties of the same state then SGST
has to be paid as part to the state.
Highest tax collection ever (UTGST) | UNION TERRITORY GOODS

AND SERVICE TAX
If a transaction is taking place between
two parties (traders) of a Union
1,40,885 Territory, UTGST has to be paid as part
to that Union Territory.

(IGST) | INTEGRATED GOODS AND
SERVICE TAX
If a transaction is taking place between
businessmen of two different states,
then both the Central and State
Governments have to be paid their
share together as IGST. It is given to the
central government, the center gives the
share of the state to it.
38 New India Samachar July 1-15, 2022