INTRODUCTION OF GST ( GOODS AND SERVICE TAXES )

Описание: INTRODUCTION OF GST ( GOODS AND SERVICE TAXES ) #gstaccountingintallyprime #gstcourse #gst #gstfree

Hstudent-friendly introduction of GST** you can use for *notes, GST course, Tally Prime, or social media captions* 👇

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INTRODUCTION OF GST (Goods and Services Tax)

*Goods and Services Tax (GST)* is a unified indirect tax system introduced in **India on 1st July 2017**. It replaced multiple indirect taxes such as **VAT, Service Tax, Excise Duty, CST, Entry Tax, etc.**, and brought them under **one single tax framework**.

GST is a **destination-based tax**, which means tax is collected by the state where goods or services are finally consumed. The main objective of GST is **“One Nation, One Tax”**, ensuring transparency, simplicity, and removal of cascading (tax on tax).

Types of GST

*CGST (Central GST)* – Collected by Central Government
*SGST (State GST)* – Collected by State Government
*IGST (Integrated GST)* – Applied on inter-state transactions

Key Features of GST

Single tax system
Input Tax Credit (ITC) benefit
Online registration, return & payment
Reduces tax burden on consumers
Boosts ease of doing business

Importance of GST in Accounting & Tally Prime

GST plays a vital role in **accounting software like Tally Prime**, where businesses manage:

GST registration
Sales & purchase entries
GST returns (GSTR-1, GSTR-3B)
Input Tax Credit tracking

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If you want:

📘 *Short exam-ready introduction*
🎥 *YouTube video script*
🧾 *GST notes with examples*
💻 *GST entries in Tally Prime (step-by-step)*

Just tell me 👍