Goods & Services Tax Educational Series

GST: 01/2017 May 30, 2017

Understanding Basics of GST

  • Single tax rate for a product or service in any part of the country (except J&K)
  • The following 17 different indirect taxes will be subsumed under GST
Central taxes State taxes
1. Central Excise Duty; 9. State VAT;
2. Duties of Excise (Medicinal and Toilet Preparations); 10. Central Sales Tax;
11. Purchase Tax;
3. Additional Duties of Excise (Goods of Special Importance); 12. Luxury Tax;
13. Entry Tax (All forms);
4. Additional Duties of Excise (Textiles and Textile Products); 14. Entertainment Tax (except those levied by the local bodies);
5. Additional Duties of Customs (commonly known as CVD); 15. Taxes on advertisements;
16. Taxes on lotteries, betting and gambling;
6. Special Additional Duty of Customs (SAD);
7. Service Tax; 17. State cesses and surcharges in so far as they relate to supply of goods or services.
8. Cesses and surcharges insofar as they relate to supply of goods or services.
  • Better compliance for trade and industry sector
  • Seamless flow of credit across the value chain.
  • Removal of cascading effect.
  • Dual GST (Central GST & State GST ) and Integrated GST (IGST)
  • Tax rates : 5%, 12%, 18% & 28%
  • Destination based tax
  • Taxable event –SUPPLY
  • Threshold exemption limit : Rs 20 lakhs & Rs 10 lakhs (for special category States & North Eastern States)
  • Composition scheme threshold: Rs 50 lakhs
  • Pan based registration
  • Tax can be deposited by internet banking, NEFT/ RTGS, debit card, credit card & Over the Counter (OTC).
  • Goods and service tax network (GSTN), the technology backbone of GST. It provides IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of the Goods and Services Tax (GST)
  • GST Suvidha Provider (GSP) is an online compliance platform which will enable the taxpayer to comply with the provisions of the GST law through its web platform.

Check HSN Codes List Under GST

Source- ICSI

More Under Goods and Services Tax

Posted Under

Category : Goods and Services Tax (6660)
Type : Articles (16722)
Tags : goods and services tax (5149) GST (4753) ICSI (419)

Leave a Reply

Your email address will not be published. Required fields are marked *