These are Some Frequent Questions, I generally get, So thought to write a blog about it.
Q.1) What is GST?
GST is Goods & Service Tax basically the main form of Commercial TAX that comes in to effect in India from July 1, 2017. It replaces all the existing types of taxes like VAT, CST & EXCISE etc.
Q.2) What is GST tax slab rate?
There is basically 5 slab rate for Product & 1 Slab for Service.
For Product it is , 0%, 5%, 12%, 18%, 28%
Q.3) Has it replaced all the Previous Taxes like VAT, CST & EXCISE?
Yes. But for some exceptional cases like Liquor, the Value Added Tax still exists & GST is not been implemented.
Q.4) How do I apply for GSTIN (GST REGN NUMBER) online?