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BASIC CONCEPTS OF GST (PART-1)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 12-1-2016 Last Replied Date:- 13-1-2016 - What is Goods and Services Tax (GST)? GST stands for Goods and Services Tax , and is proposed to be a comprehensive indirect tax levy on manuf .....

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of existing indirect tax structure, and creating efficiencies in tax administration. Simply put, goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods an .....

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State level VAT which is levied as tax on sale of goods. GST will be a national level value added tax applicable on goods and services. A major change in administering GST will be that the tax incidence is at the point of sale as against the present .....

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s to go the GST way is to facilitate seamless credit across the entire supply chain and across all States under a common tax base. It is a tax on goods and services, which will be levied at each point of sale or provision of service, in which at the .....

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vices they sell and can claim credits for the most GST included in the price of goods and services they buy. The cost of GST is borne by the final consumer, who can t claim GST credits, i.e. input credit of the tax paid. Example: A product whose base .....

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and SGST both will be charged, say @ 8% each, and then the value to the ultimate consumer is ₹ 116. So, in such a case the industry can better compete in global environment. Therefore, GST is a broad based and a single comprehensive tax levied .....

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in lieu of Excise duty) SAD (levied on imports in lieu of VAT) Excise Duty levied on Medicinal and Toiletries preparations, Surcharges and cesses Central Sales Tax At State level VAT/Sales tax Entertainment tax (unless it is levied by the local bodi .....

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/Value Added Tax (VAT) Additional excise duties - Under Additional Duties of Excise (Goods of Special Importance Act, 1957 Entertainment tax Excise Duty under Medicinal & Toiletries Preparation Act, 1955 State excise duty Service Tax under Financ .....

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