India has implemented a dual GST model, where the Centre and the States together levy tax on a common tax base. The tax levied by centre on intra-state supply of goods and services is called Central GST (CGST) and that to be levied by state is termed the State GST (SGST).
At the stroke of midnight on June 30 2017, India launched one of the most far-reaching reforms in its tax structure since independence. The introduction of Good and Service Tax (GST) is meant to enforce the principle of ‘one tax one nation’, by subsuming the multiplicity of indirect taxes levied at different levels. The hope is that the new tax structure will curtail red-tape, plug leakages and pave the way for a fully transparent indirect tax regime.
Structure
The GST is a step forward from the earlier Value Added Tax (VAT). It may be recalled that VAT was levied on any increase in value of an article at each stage of it production or distribution. VAT was not applicable on services while GST is applicable on both goods and services. The government has categorised most goods and services into four tax slabs with rates of 5, 12, 18 and 28 percentage while some essential goods are made exempt from tax. Businesses are now required to collect taxes based on the above rates for an array of goods and services under a code called the harmonized system of nomenclature (HSN).
India has implemented a dual GST model, where the Centre and the States together levy tax on a common tax base. The tax levied by centre on intra-state supply of goods and services is called Central GST (CGST) and that to be levied by state is termed the State GST (SGST). The tax levied on interstate supply of goods and services is administered by the centre and called Integrated GST (IGST). With GST, the entire accounting system is online.
Hassles
This story is from the January - February 2018 edition of UNIQUE TIMES.
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This story is from the January - February 2018 edition of UNIQUE TIMES.
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