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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 Excise Duty Service Tax Value Added Tax (VAT) Supply will become the Taxable Event rather than Manufacture or Sale. GST will comprise of the following 3 elements: Central Goods & Services Tax (CGST) State Goods & Service Tax (SGST) Inter-Stat .....

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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 attract 12% + 12% 100 goods & services will remain tax-free all over India. When goods are supplied in inter-state transactions, IGST will be levied, which will essentially comprise of CGST+SGST. IGST will also be payable on imports in addition to Cust .....

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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 mechanism is intended to ensure inter-state credit movement. ITC will not be available on supplies received from an assessee opting for composition scheme & paying 1%. All assessee will have IT-PAN based registration number. Existing assessees w .....

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