GST on Imports

The Empowered Committee of State Finance Ministers, finally issued a long awaited First Discussion Paper on Goods and Services Tax in India. Though it was expected that this Discussion paper will put an end to much awaited queries on implementing GST in India, however after analyzing the Paper, it appears as if this has been drafted in a hush-hush manner to meet the revised deadline of implementing GST in India. Full Article

The GST shall have two components: one levied by the Centre (hereinafter referred to as Central GST), and the other levied by the States (hereinafter referred to as State GST). Rates for Central GST and State GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State). Full Article