Monday 14 November 2016

Goods and Service Tax Overview (India)

What is Goods and Service Tax (GST) ?

Goods and Services Tax(GST) is a destination based tax applicable for supply of goods and services or both administered concurrently by the Center and State Governments through out the value chain.

GST is considered the largest indirect tax reform in India and will replace multiple indirect taxes that are administered by the Central and State Governments. 


The Goods and Services Tax Network (GSTN), has been tasked by the Government of India with building and maintaining the centralized, national level government IT infrastructure required for GST.



What will be the Expected Impact of Implementation of GST ?

Numerous Indirect taxes administered by Central and State Government will be Phased out to Provide Way for GST.

What is the proposed GST Structure?
 
GST Structure is going to have the following taxes:
 

CGST (Central Tax) => Applicable for Intra State Supply of Good and Services.
 

SGST (State Tax) => Applicable for Intra State Supply of Good and Services.
 

IGST (Central Tax) => Applicable for Inter State Supply of Good and Services and Import of Goods and Services to India.



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