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GST Knowledge Series # 1 Understanding the Mechanics of Goods & Service Tax

GST Knowledge Series # 1 : Understanding the Mechanics of Goods & Service Tax - Goods and Service Tax - GST - By: - CA. Chitresh Gupta - Dated:- 17-7-2015 - The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. It is levied and collected on value addition at each stage on sale or purchase of goods or supply of services based on input tax credit method but without state boundaries. There is no distinction between goods or services and they a .....

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tes under a common tax base. Salient features of the proposed model are as follows: 1. DUAL GOODS AND SERVICE TAX 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 .....

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between raw materials and capital goods , in avaliment of Input tax credit. GST is based on destination principle, thus tax base will shift from production to consumption of goods. The taxable event is Consumption of goods or services. As a result, revenue will accrue to the state in which consumption takes place or deemed to take place. 4. COMPUTATION OF GST ON THE BASIS OF INVOICE CREDIT METHOD The liability of CGST and SGST is computed the basis of Invoice Credit method i.e. allow credit for .....

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