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GST

Category : Goods and Services Tax (GST)

Description

(GST)

The Govt. of India by way of enactment of New Tax i.e. Goods & Services Tax Act known as GST has sub-merged various Central and State Levy into GST – such as Excise Duty, Service Tax, Central Sales Tax, Additional Custom Duty, Special Additional Duty, VAT, Entry Tax, Purchase Tax, Luxury Tax, Entertainment Tax, Octroi, Taxes on lottery, Batting, and gambling apart from CESS and Surcharge. It is single tax regime for whole economy which will convert the whole nation into one market place.

 

Every registrants or dealers ( including Exporters and Importers) shall be given a PAN based GSTIN number which shall be a common to the both the State GST and Central GST.

 

The State GST (SGST) and Central GST (CGST) shall be levied on all the transactions of goods and services, concurrently. Due credit against GST is available to an entity In respect of taxes paid on any supply of goods or services or both used or intended to be used in the course business. It is destination based tax on consumption of Goods and Services. Hence the credit of SGST shall be transferred to the Destination State in the form of Integrated GST (IGST). IGST will be imposed on all Inter-State Transactions.