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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 go .....

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re taxed at a single rate in a supply chain of goods and services till the goods or services reach the ultimate consumer. Its main objective is to combine all indirect tax levies into a single tax thereby replacing multiple tax levies, overcoming the .....

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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 .....

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SGST statute for every State). 2. APPLICABILITY OF GST TO ALL TRANSACTIONS The Central GST and the State GST would be applicable to all transactions of goods and services made for a consideration except the exempted goods and services, goods which ar .....

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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, r .....

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tax paid on all intermediate purchases of goods and services on the basis of invoice issued by the supplier. As a result, all different stages of production and distribution can be interpreted as a mere tax pass-through, and the tax will effectively .....

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ds would have indication whether it relates to Central GST or State GST (with identification of the State to whom the tax is to be credited). 6. UNIFORM PROCEDURE FOR COLLECTION OF GST To the extent feasible, uniform procedure for collection of both .....

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