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FREQUENTLY ASKED QUESTIONS ON GST (PART-4)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 28-4-2016 - 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.23 What is Central Goods and Services Tax (CGST) Ans .....

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ere all goods and services are taxed by the Central government only), the Centre will collect most of the country s total tax revenue, leaving very little for the sub-national Governments. As against this, the present proposal is to have a dual GST. Q.24 What is State Goods and Services Tax (SGST) ? Ans. In State GST, the States alone can levy GST and the Centre withdraws from the field of GST or VAT completely. It can be a desirable option given the mismatch in resources and responsibilities of .....

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ds and / or services in the course of inter-state trade or commerce. IGST Act shall apply to whole of India. Q.26 How will IGST work ? Ans. Central Government would levy IGST (which would be CGST plus SGST) on all inter-State transactions of taxable goods and services with appropriate provision for consignment or stock transfer of goods and services. The inter-State seller will pay IGST on value addition after adjusting available credit of IGST, CGST, and SGST on his purchases. The Exporting Sta .....

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Article 269A(2) and Article 270 (1A) of Constitution of India]. The apportionment will be required as input tax credit of IGST can be used for SGST and vice versa. Since IGST will be on 'supply of goods or services', IGST will be payable on stock transfers, branch transfers and even when goods are dispatched inter-state job work and return. Q.28 How will the rules for administration of CGST and SGST be framed? Ans. The Joint Working Group (Empowered Committee) has also been entrusted the .....

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multaneously under Central GST (CGST) and State GST (SGST)? Ans. The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except the exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits. Further, both would be levied on the same price or value unlike State VAT which is levied on the value of the goods inclusive of CENVAT. While the location of the s .....

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T of ₹ 10 in addition to the basic price of the goods. He would be required to deposit the CGST component into a Central Government account while the SGST portion into the account of the concerned State Government. Of course, he need not actually pay ₹ 20 (Rs. 10 + ₹ 10 ) in cash as he would be entitled to set-off this liability against the CGST or SGST paid on his purchases (say, inputs). But for paying CGST he would be allowed to use only the credit of CGST paid on his purcha .....

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