CURRENT AFFAIRS

Detailed explanation-1: -Goods and Services Tax Network (GSTN) has built Indirect Taxation platform for GST to help taxpayers in India to prepare, file returns, make payments of indirect tax liabilities and do other compliances.

Detailed explanation-2: -GST is a multi-stage tax system which is comprehensive in nature and applied on the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India.

Detailed explanation-3: -GSTN, short for Goods and Service Tax Network, is a non-profit non-government company. It provides shared IT infrastructure and service to both central and state governments including taxpayers and other stakeholders. The registration Front end services, Returns, and payments to all taxpayers will be provided by GSTN.

Detailed explanation-4: -The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is usually taxed as a single rate across a nation.

Detailed explanation-5: -GST has replaced a dozen central and state-levied taxes such as excise, VAT, and service tax. Business entities need to register under GST and obtain a unique 15-digit Goods and Services Tax Identification Number (GSTIN).