GST Services Classification for Goods and Services Tax
GST services classification is used by service companies to get to know the classification and service code for the services being provided by them. GST or Goods and Services Tax, is the indirect tax being introduced by Government of India. GST is a tax which combines various indirect taxes being charged by Central and State governments, which resulted in multiple receipts/payment/compliance being needed for multi-state business.
What is GST
The existing indirect tax laws are origin-based tax, structured to levy and collect at the point of happening of the prescribed taxable event. The indirect taxes are prone to abuse and also they do not focus on value being added to the product or service. GST will remove this major weakness and will also track the flow of goods or services across India. Goods and Services Tax will also make it easier for good or services to be provided across India.
GST Services Classification
Service being provided by any individual or company even including work contracts, are to be taxed as per GST rules. Tax payers need to register or move to GST regime by details as provided on GSTN website.
GST Services Classification is done so as to make it easier for taxpayers to note their service code. Service code is to be used for filing returns on GSTN website.
The GST services classification can be downloaded by clicking the link – GST-Services-Classification-Classification-Scheme-for-Services-under-GST .
Professionals, tax consultants, accountants can use the below links to be updated on Goods and Services Tax
– Team Vskills