1. GST would be applicable on supply of goods or services as against
the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
2. GST would be a destination based tax as against the present concept of origin based tax.
3. It would be a dual GST with the Centre and the States simultaneously levying it on a common
base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States.
4. An Integrated GST (IGST) would be levied on inter-State supply (including stock transfers) of goods or services. This would be collected by the Centre so that the credit chain is not disrupted.
5. Import of goods or services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties.
6. For an initial period of two years or as further extended on the recommendation of the GST Council, a non-vatable Additional Tax not exceeding 1% on inter-State supply of goods would be levied and collected by the Centre and assigned to the originating State.
7. CGST, SGST & IGST would be levied at rates to be mutually agreed upon by the Centre and the States under the aegis of the GST Council.
8. GST would replace the following taxes currently levied and collected by the Centre:
* Central Excise duty
* Duties of Excise (Medicinal and Toilet Preparations)
* Additional Duties of Excise (Goods of Special Importance)
* Additional Duties of Excise (Textiles and Textile Products)
* Additional Duties of Customs (commonly known as CVD)
* Special Additional Duty of Customs (SAD)
* Service Tax
* Cesses and surcharges insofar as far as they relate to supply of goods or services
9. State taxes that would be subsumed within the GST are:
* State VAT
* Central Sales Tax
* Purchase Tax
* Luxury Tax
* Entry Tax (All forms)
* Entertainment Tax (not levied by the local bodies)
* Taxes on advertisements
* Taxes on lotteries, betting and gambling
* State cesses and surcharges insofar as far as they relate to supply of goods or services.
10. GST would apply to all goods and services except Alcohol for human consumption.
3. It would be a dual GST with the Centre and the States simultaneously levying it on a common
base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States.
4. An Integrated GST (IGST) would be levied on inter-State supply (including stock transfers) of goods or services. This would be collected by the Centre so that the credit chain is not disrupted.
5. Import of goods or services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties.
6. For an initial period of two years or as further extended on the recommendation of the GST Council, a non-vatable Additional Tax not exceeding 1% on inter-State supply of goods would be levied and collected by the Centre and assigned to the originating State.
7. CGST, SGST & IGST would be levied at rates to be mutually agreed upon by the Centre and the States under the aegis of the GST Council.
8. GST would replace the following taxes currently levied and collected by the Centre:
* Central Excise duty
* Duties of Excise (Medicinal and Toilet Preparations)
* Additional Duties of Excise (Goods of Special Importance)
* Additional Duties of Excise (Textiles and Textile Products)
* Additional Duties of Customs (commonly known as CVD)
* Special Additional Duty of Customs (SAD)
* Service Tax
* Cesses and surcharges insofar as far as they relate to supply of goods or services
9. State taxes that would be subsumed within the GST are:
* State VAT
* Central Sales Tax
* Purchase Tax
* Luxury Tax
* Entry Tax (All forms)
* Entertainment Tax (not levied by the local bodies)
* Taxes on advertisements
* Taxes on lotteries, betting and gambling
* State cesses and surcharges insofar as far as they relate to supply of goods or services.
10. GST would apply to all goods and services except Alcohol for human consumption.
No comments:
Post a Comment