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FREQUENTLY ASKED QUESTIONS ON GST

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 16-4-2016 Last Replied Date:- 19-4-2016 - Frequently Asked Questions (FAQs) on GST and their answers which would help the readers to know and understand about the concept and nuances of proposed Goods and Services Tax (GST) and its models. These FAQs have been compiled with sole objective of providing a means of better understanding of GST. For details, readers may refer to Government portals / literature. Q.1 What is Constitution .....

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arious states as well as Union Government. Once this is passed by two-third majority in the Parliament, atleast 50 per cent of the states will have to pass it. Once this amendment is through, the road will be clear for GST Bill (and then Act), given the political will. Eventually, we will then have the following taxes - National level GST [Central GST (CGST) and Inter-state GST (IGST)] State Level GST (SGST) Q. 2 Why does introduction of GST require a Constitutional Amendment? Ans. The Constitut .....

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r, the Constitution also does not empower the States to impose tax on imports. Therefore, it is essential to have Constitutional Amendments for empowering the Centre to levy tax on sale of goods and States for levy of service tax and tax on imports and other consequential issues. As part of the exercise on Constitutional Amendment, there would be a special attention to the formulation of a mechanism for upholding the need for a harmonious structure for GST along with the concern for the powers o .....

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x and Central Sales tax (CST), Securities Transaction tax is levied by the center; VAT/sales tax, Entry tax, State excise, Property tax, Agriculture tax and octroi is charged by the State governments. There are many possible transactions which come under the ambit of two or more of these taxes and the value of the second tax is calculated on the value arrived at by adding the value of first tax to the value of transaction. For example, inter-state purchase of goods would attract both Central Ser .....

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ystem of VAT compare? Ans. In principle, there is no difference between present tax structure under VAT and GST as far as the tax on goods is concerned because GST is also a form of VAT on Goods and services. Here at present the sales tax, with an exception of CST, is a VAT system and in case of service tax the system also has the Cenvat credit system hence both sales tax and service tax are under VAT system in our country. At present the goods and services are taxed separately but in GST the di .....

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005 20 3 Uttaranchal 1-10-2005 1 4 Rajasthan, Gujarat, MP and Chhattisgarh, Jharkhand. 1-4-2006 5 5 Tamil Nadu 1-1-2007 1 6 Uttar Pradesh 1-1-2008 1 All the states have their own VAT Laws comprising VAT acts and VAT rules and these acts and rules are formulated on the basis of White Paper on VAT issued by the empowered committee of states Finance Ministers on VAT headed by Dr. Asim Das Gupta, the Finance Minister of West Bengal. Due to the fact that the taxpayers are already using the Vatable sa .....

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