Characteristics of GST
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Charecteristics Of GST :
1) GST is an Indirect Tax.
2) Tax burden is on the recipient of Goods/Services
3) It is a tax levied on Goods and Services or both.
4)This tax is regressive in nature.
5) Taxable Event under GST is 'Supply'.
6) The common rates of GST are 5%,12%,18% and 28%.
7) Intra State Supply- Locarion of the supplier and Place of Supply in the same state - CGST and SGST/UTGST are levied
8) Inter State Supply -Location of the Supplier and the place of supply are in different states/Union Territories/One state and one UT. IGST is levied.
9) Input Tax Credit can be claimed.
10) This is a Destination Based Tax.
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