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What are the salient features of the proposed GST model?

Question 8 - Draft-Bills-Reports - Frequently Asked Questions (FAQ) GST - Goods and Services Tax - Question 8 - Q 8: Ans: The salient features of the proposed model are as follows: Consistent with the federal structure of the country, the GST will 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). This dual GST model would be implemented through multiple statutes (one for CGST and SGST .....

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ed threshold limits. The Central GST and State GST are to be paid to the accounts of the Centre and the States separately. Since the Central GST and State GST are to be treated separately, in general, taxes paid against the Central GST shall be allowed to be taken as input tax credit (ITC) for the Central GST and could be utilized only against the payment of Central GST. The same principle will be applicable for the State GST. Cross utilisation of ITC between the Central GST and the State GST wo .....

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