– GST is destination based taxation system
– Dual model of taxation i.e Center and State GST (CGST & SGST)
– revenue will go the state where the good and services have been consumed
– State governments will be empowered to charge tax on services, etc.
– Inter stage GST (IGST)
– Common Returns for Center and State taxes.
PPT Further discusses discussed about grey areas of GST like
– there will be Cascading effects
– un-organized sector
– strong regulator
– constitutional amendments
Author have also given suggestion for effective GST system in the country.
(Authored by CMA Rakesh Bhalla and CMA Anil Sharma)