GST

At the Central level, the following taxes are being subsumed: Central Excise Duty Additional Excise Duty Service Tax Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs. At the State level, the following taxes are Read More

The major features of the proposed payments procedures under GST are as follows: Electronic payment process- no generation of paper at any stage Single point interface for challan generation- GSTN iii.            Ease of payment – payment can be made through Read More

The major features of the proposed returns filing procedures under GST are as follows: Common return would serve the purpose of both Centre and State Government. There are eight forms provided for in the GST business processes for filing for Read More

The major features of the proposed registration procedures under GST are as follows: Existing dealers: Existing VAT/Central excise/Service Tax payers will not have to apply afresh for registration under GST. New dealers: Single application to be filed online for registration Read More

The salient features of the Bill are as follows: Conferring simultaneous power upon Parliament and the State Legislatures to make laws governing goods and services tax; Subsuming of various Central indirect taxes and levies such as Central Excise Duty, Additional Read More

The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied Read More

For the implementation of GST in the country, the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT infrastructure and services to Central and State Governments, tax Read More

Cross utilization of credit of CGST between goods and services would be allowed. Similarly, the facility of cross utilization of credit will be available in case of SGST. However, the cross utilization of CGST and SGST would not be allowed Read More

The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except on exempted goods and services, goods which are outside the purview of GST and the transactions which are below Read More

Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on Read More