my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Persons Covered
  • Rate

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers

What is GST

Goods and Services Tax (GST) was implemented on the 1st of July 2017 as Goods & Services Tax Act. This indirect taxation system thus went through a chain of amendments since its inception. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country. With the introduction of GST law, the government aimed to consolidate all indirect taxes under one umbrella. Thus, except customs duty that is imposed on import of goods, Goods & Services Tax replaced multiple indirect taxes such as excise duty, \service tax, value-added tax, octroi, entry tax and luxury tax.

Implemented by the nations worldwide with individual customisations, the tax has been successful in simplifying the indirect taxation structure of India. Customers are required to pay tax on the purchase of goods or services as an inclusion in the final pricing. The tax collected by the seller is to be paid to the government, thus implying indirect taxation. GST rates are uniformly applied on different goods and services; they have been categorised under different slab rates. Luxury goods are classified under higher slabs, necessities have been included in lower and nil slab rates.

Journey of GST in India

The journey GST began in the year 2000, the Prime Minister of India introduced the concept of Goods and Services Tax (GST). He also formed a committee to draft new indirect tax law. However, its implementation process took years, and the bill went through multiple introductions, amendments and rescheduling. Here’s a summation of GST’s chronology, from drafting to final implementation.


History Of GST


The PM set up a committee for drafting Goods & Service Tax law for India.


A task force reported the requirement to implement GST tax laws to improve the indirect tax systems.


Goods & Services Tax introduction was scheduled on 1st April 2010 by the Finance Minister of India.


A decision was made to phase out Central Sales Tax (CST). Consequently, CST rates were reduced to 3% from 4%.


The EC finalized GST’s dual structure for separate legislation and levy.


The GST introduction was postponed due to structural and implementation hurdles.


The Constitution Amendment Bill was introduced for enabling the Goods & Services Tax Law.


The tax initiated by the Standing Committee was stalled due to lack of clarity regarding Clause 279B.


GST’s report presented by the Standing Committee.


The Finance Minister of India reintroduced the GST Bill to the Parliament.


The Lok Sabha approves the bill, but it gets stalled in Rajya Sabha..


Goods and Services Tax Network (GSTN) went live, and the GST law amended got approved by the President of India.


The Cabinet approves four supplementary bills on GST. The Goods & Services Tax Law was implemented on 1st July 2017.

Difference between GST Tax and Old Tax Structure



Old Tax Structure

Number of laws

There is only one law applicable

There were separate laws for separate taxes and respective VAT on states

Tax rates

There will be only one CGST rate and uniform SGST rate applicable across all the states.

Existence of separate tax rates


Cascading effect (Taxes on Tax)

The cascading effect is reduced which makes it very simple

Presence of the cascading effect of taxes due to diversity in taxes

Tax Burden

The tax burden is much reduced.

The high tax burden on taxpayers

Tax Structure

Subsuming or absorbing the taxes into one makes compliance simple and easy.

Presence of multiple taxes makes compliance difficult.

Prices for Consumers

Prices are expected to be reduced.

Usually very high due to the cascading effect of taxes.

Know about online GST registration process and fees.

Types of GST

GST is primarily categorized into three types, i.e. Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST). Read on to know about the particulars of each type of GST.

  • Central Goods and Services Tax: 

CGST is applicable on intra-state supply of goods and services. Thus, the revenue collected from taxpayers under this tax is collected by the Central Government. The introduction of the CGST led to the abolition of central taxes such as Central Excise Duty, Customs duty, Service Tax, etc. Typically, taxpayers are charged CGST along with SGST and the rates are the same.

  • State Goods and Services Tax:

SGST is also applicable on goods and services that are sold within the state (intra-state). SGST too replaced several other taxes, including Value Added Tax (VAT), Entertainment Tax, Entry Tax, State Sales Tax, and any applicable surcharges. Revenue collected through SGST is directed towards the State Government.

  • Integrated Goods and Services Tax:

Integrated Goods and Services Tax or IGST is charged on products and services that are transacted inter-state. It is also applicable on goods that are imported. The revenue from IGST is distributed among all the states. IGST was implemented to streamline the tax process and ensure that each state only transacts with the Union Government.

Apart from these, there’s also the Union Territory Goods and Services Tax (UTGST).

  • Union Territory Goods and Services Tax:

As the name suggests, UTGST is applicable in the union territories of the country. It is levied on the goods and services supplied within the union territories of Chandigarh, Andaman and Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, and Lakshadweep. UTGST is collected along with CGST.

What are the New Compliances Under GST?

The new GST tax regime has introduced several new systems. They are as follows:

  • E-Way Bills

GST introduced a centralized system of bills by the introduction of “E-way bills”. This system was launched for inter-state and intra-state movement of goods in a staggered manner.

Manufacturers, traders and transporters can quickly generate e-way bills for transportation of goods from the place of its origin to its destination with ease. Tax authorities are also benefited as the E-way bill system helps reduce the time consumed at check -posts and reduces tax evasion..

  • E-invoicing

Recently, the e-invoicing system has been launched on a trial basis starting from January 2020 and applicable from October 2020. This system requires large businesses with an annual aggregate turnover of more than Rs.100 crore to comply with some requirements. They must obtain a unique invoice reference number for every business-to-business invoice by uploading on the GSTN’s portal known as the invoice registration portal. The portal verifies the correctness and genuineness of the invoice. After that, it authorizes using the digital signature along with a QR code. E-invoicing allows interoperability of invoices and helps reduce data entry errors. It is designed to pass the invoice information directly from the IRP to the GST portal and the e-way bill portal. It will, therefore, eliminate the requirement for manual data entry while filing ANX-1/GST returns and for the generation of part-A of the e-way bills.

Also read about the various components of GST

Advantages Of GST

Benefits for Traders and Manufacturers:

  • Easy compliance

  • Uniformity in tax rates and structure

  • Removal of cascading or compounding effect of taxes

  • Enhance the competitiveness

  • Growth towards the development of a common national market

Benefits for Central and State Government:

  • Simple and easy administration

  • Improved compliance and revenue collections

  • Better revenue effectiveness

Consumers Benefits:

  • Payment of the single and transparent tax

  • Reduction of the burden of the taxpayers

GST Helpline

Taxpayers often find themselves confused or skeptical about GST filing. To clarify their questions or doubts, they can use the dedicated GST helpline and connect with the concerned authority. The means of contact are as follows:

Toll-free Phone Number: 1800 1200 232

Self Help Portal:

Tax Laws before GST

In the earlier tax regime, there were many indirect taxes levied by both the state and the central government. The states mainly collected taxes in the form of Value Added Tax (VAT). Every country had a different set of rules and regulations. The centre taxed Inter-state sale of goods. CST (Central State Tax) was applicable for inter-state sale of goods. These indirect taxes such as the entertainment tax, octroi and local tax were levied together.

The following are the list of indirect taxes that were applicable in the pre-GST regime:

  • Central Excise Duty

  • Duties of Excise

  • Additional Duties of Excise

  • Additional Duties of Customs

  • Special Additional Duty of Customs

  • Cess

  • State VAT

  • Central Sales Tax

  • Purchase Tax

  • Luxury Tax

  • Entertainment Tax

  • Entry Tax

  • Taxes on advertisements

  • Taxes on lotteries, betting, and gambling

Taxes like CGST, SGST, and IGST have replaced all the above taxes.

What changes does GST bring in

The Goods & Services Tax or GST brought a major change in the taxation visuals in India. Earlier, different taxes were paid separately to the state and the centre. However, GSTIN subsumed all taxes into one, and now there is the practical application of ‘One nation, one tax.’ Some of the changes that GST brought in are as follows:

  • No multiple taxes to be paid

  • Replacement of indirect taxes like excise duty and sales tax into one

  • Clear distinction of taxes on luxuries and necessities

  • Introduction of simplified ways to fill Income Tax Returns and taxes, for instance through GST online portal or website

  • Boost for Real estate and MSME sector

  • Ease for transportation of goods, as no separate taxes

  • Tax administration under both State and Central governments

  • Transparency in the taxation process

Also know about the impact of GST on personal loans.

Lates GST News

GST Collections Crossed ₹ 1 Lakh Crore Mark For Fifth Month In A Row  

The Goods and Services(GST) Tax collections for India have crossed the 1 Lakh Crore mark for the 5th month in a row, in February. The collections for the month of February have dramatically risen by 7% to stand at Rs. 1.13 Lakh crore from Rs. 1.05 Lakh crore last year. The rising GST collections are direct indicators of a rise in economic activity and represent the prosperous state of economic affairs in our country.

The collections are a sigh of relief as the revenue recorded for the month of April 2020 had plummeted to a record low of Rs. 32,172 Crores due to the lockdown. This rise in revenue is also a result of the  stringent measures introduced by the government  to improve tax compliance.

- February 25, 2021

A major GST reform could have a major effect on Indian exporters. 

Budget 2021 was praised for striking an admirable balance between boosting the economy, improving medical facilities, and raising funds through privatization rather than raising the tax burden on individuals and businesses. But recently, the Finance Minister introduced an amendment to the Finance Bill that would allow only exports on Letters of Understanding (LUT) without GST and require exporters to apply for Input Tax Credit (ITC) Refund.

Exporters have been seeking to grasp and obey the law's mechanism since the day it was enforced. The IGST refund option was a well-established practice, and exporters were familiar with the required compliances and procedures. Merchant exporters may have to face liquidity problems as a result of the proposed changes, as their margins get thin since they depend on the local market for their purchases.

- March 5, 2021

At the GST Council meeting, states may raise shortfalls in payments. 

At the GST Council meeting in March, states are expected to raise the question of a massive shortfall in GST payments before the first quarter of 2022-23. The council may not make a decision on tax slab rationalization or the inverted duty structure in industries like textiles, footwear, and fertilizers.

The council could be unable to make a decision on these matters because the model code of conduct was in effect due to assembly elections in five states. In addition, the council would like revenue to stabilize after the pandemic so that it can make an informed decision. The dates for the forthcoming meeting have yet to be determined. The GST Council is expected to focus solely on administrative issues and debate the recommendations of different committees.

- March 5, 2021


  • ✔️What do you mean by GST?

    Goods & Services Tax is a tax, charged on the consumption and supply of goods and services in India. The Government collects GST from the ultimate point of consumption.

  • ✔️What is GST and types of GST?

    The Government collects GST services on various goods and services. It is distinguished into four types, which are IGST, CGST, SGST, and UGST.

  • ✔️What are the three types of GST?

    The three types of GST are CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods Services Tax), and UGST (Union Goods and Services Tax).

  • ✔️Who collects IGST?

    Both Central and the State Government collect IGST (Integrated Goods and Services Tax) based on the prefixed revenues. This GST bill is collected in case of inter-state transactions.

  • ✔️Can I pay the GST bill online?

    Yes, the GST bill can be paid online through the GST official website.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!