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GST – Goods and Services Tax

What is Goods and Service Tax?

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.

Silent features of GST India:

Distinction between goods and services will be mostly eliminated. This will eliminate the problem of dual taxation presently faced by construction industry, work contract, food related service like restaurant and outdoor catering, leasing and hire services and software services.

GST is based on VAT concept of allowing input tax credit of tax paid on inputs, input services and capital goods, for payment of output tax. This will avoid cascading effect of taxes.

GST is consumption based tax i.e. tax is payable in the State where goods or services or both are finally consumed. IGST will ensure seamless movement of goods across the country (except J&K) as taxes will move along will goods.

The rates of GST are Nil, 0%, 5%, 12%, 18% and 28%.
Dual GST for supply of goods and services within State i.e. State GST (SGST) and Central GST (CGST).
In case of Inter State supply of goods and services, there will be Integrated GST (IGST).