Scratching your head over GST Bill India? All you need to know about the ‘revolutionary’ bill

Goods and Service Tax aims to remove tax barriers between states by creating a single market. Implementing GST in India has helped replace the excess of taxes including central, state, interstate, and local taxes with a single, nationwide, value-added tax on goods and services.

Here is Everything you need to know about the GST (Good and Services Tax) Act

The Goods & Services Tax (GST) is a compilation of all the existing indirect taxes levied on the manufacture, consumption and sale of goods as well as services. It replaces all indirect taxes levied on goods and services by the Indian Central and State governments. For clear understanding, there are three types of GST in India viz., Central Goods and Service Tax, State Goods and Service Tax and Integrated Goods and Service Tax.

The GST Bill India has been levied by the Centre on intra-State supply of goods and/or services is Central-GST (CGST). By the states it is State-GST (SGST). Integrated-GST (IGST) is collected by Centre on inter-state supply of goods and services. IGST is also applied on the imports.

With the Government of India initiating the citizens to migrate online; from buying and selling to paying and registering, it is particularly important to understand how e-commerce and online sellers will be affected. The recent news of Government transferring all procurement to an online portal has encouraged online marketplaces on a pedestal, thus making it a major channel of trade and forming specific GST laws for them.

Less burden of GST policies on buyers and sellers with Industrybuying.com

If you are an online buyer or a seller of industrial equipment, then you would be glad to know that your favorite online shopping portal, Industrybuying is registered in all the states with GST to make online shopping an awesome experience for you. We are fully GST-compliant. We have GSTN network linked, with auto reconciliation tools in place and compatible with all ERPs. Buyers on Industrybuying.com are able to achieve more with less effort. They get benefits like 5-10% overall savings, 100% tax credit on transactions. The benefits also include indirect cost savings of up to 5%.

Sellers on Industrybuying.com enjoy streamlined selling processes. This includes up to 2-3 times growth opportunities for high-quality vendors and indirect distribution channel savings. They also benefit from a GST-compliant platform, reduced returns, and minimized state registrations, resulting in overall cost savings. Therefore, the merchants selling online with Industrybuying.com find more comfort, familiarity, uniformity, and simplicity in the system.

Final Words About GST Bill

GST Bills offer certain advantages to the buyers as well as sellers. Some of the benefits are easy compliance, uniformity of tax rates and structures, removal of cascading and improved competitiveness. You can now access the GST Calculator and understand how your business will be impacted. GST coupled with Industrybuying result in simplified procurement for Buyers & Sellers.