some example sums on GST
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GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. GST has become a global standard. The proposed tax system will take the form of “dual GST” which is concurrently levied by central and state government. This will comprise of:
Central GST (CGST) which will be levied by Centre
State GST (SGST) Which will be levied by State
Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
Many taxes has been subsumed under GST which are as under
Central Indirect Taxes & LeviesCentral Excise DutyAdditional Excise DutiesExcise Duty levied under the Medicinal Preparations (Excise Duties) Act, 1955Service TaxAdditional Customs Duty (CVD)Special Additional Duty of CustomsCentral Surcharge and CessState Indirect Taxes & LeviesVAT / Sales TaxEntertainment tax (other than the tax levied by local bodies)Central Sales TaxOctroi and Entry TaxPurchase TaxLuxury TaxTaxes on LotteryBetting and GamblingState Cesses and Surcharges
For Inter State Transactions: Integrated Goods and Service Tax (IGST) shall be levied on Inter State transactions of goods and services which are based on destination principle. Tax gets transferred to Importing state. More over it is proposed to levy an additional tax on supply of goods, not exceeding one percent, in the course of inter-state trade or commerce, to be collected by the Central Govt. for a period of two years, and assign to the States where the supply originates. Valuation of stock transfers to be determined. Exports and Supplies to SEZ units will be zero rated.
What impact GST will have on pricing of products as compared to current scenario?
Let us take an EXAMPLE to understand this clearly.

Central GST (CGST) which will be levied by Centre
State GST (SGST) Which will be levied by State
Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
Many taxes has been subsumed under GST which are as under
Central Indirect Taxes & LeviesCentral Excise DutyAdditional Excise DutiesExcise Duty levied under the Medicinal Preparations (Excise Duties) Act, 1955Service TaxAdditional Customs Duty (CVD)Special Additional Duty of CustomsCentral Surcharge and CessState Indirect Taxes & LeviesVAT / Sales TaxEntertainment tax (other than the tax levied by local bodies)Central Sales TaxOctroi and Entry TaxPurchase TaxLuxury TaxTaxes on LotteryBetting and GamblingState Cesses and Surcharges
For Inter State Transactions: Integrated Goods and Service Tax (IGST) shall be levied on Inter State transactions of goods and services which are based on destination principle. Tax gets transferred to Importing state. More over it is proposed to levy an additional tax on supply of goods, not exceeding one percent, in the course of inter-state trade or commerce, to be collected by the Central Govt. for a period of two years, and assign to the States where the supply originates. Valuation of stock transfers to be determined. Exports and Supplies to SEZ units will be zero rated.
What impact GST will have on pricing of products as compared to current scenario?
Let us take an EXAMPLE to understand this clearly.

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