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GST Basics

Goods and Services Tax - GST - By: - Smitesh Desai - Dated:- 11-8-2016 Last Replied Date:- 16-8-2016 - GST is most likely to be introduced with effect from 1st April 2017. With its introduction, the following 3 major taxes will be abolished: Central .....

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e Goods & Services Tax (IGST) - not a different tax, really! The taxation mechanism will operate in 2 formats: Intra-State ie. Within the state Inter-State ie. Between 2 states Every transaction will attract both the taxes is CGST + SGST. The rat .....

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ry from commodity to commodity. It is believed that the following pattern of tariff structure will be implemented: Mass consumption goods/services will attract 6% + 6% Intermediate goods/services will attract 9% + 9% Luxury goods/services will attrac .....

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oms Duty. Input Tax Credit (ITC) will be available to an assessee, ie manufacturer or service provider having turnover beyond the exempt limit (10.00 lacs). ITC will be operated as follows: Credit of IGST, CGST & SGST will be separately availed & .....

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ll be first used for payment of CGST liability Balance of CGST credit will be then be used for payment of IGST liability CGST credit cannot be used for payment of SGST liability SGST credit will be usable for payment of SGST liability ONLY. The above .....

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ill automatically migrate to GST registration mechanism. Internet connectivity & NSDL+RBI driven software will drive GST administration. Assessees will have to file returns in electronic mode stating details of purchases of inputs + input service .....

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