Question

speech about: is GST really a one nation, one tax system?

Answer 1

Hi

--》The government is all set to roll out the goods and services tax (GST) at the stroke of the midnight on June 30, 2017.

》All states/union territories, except Jammu & Kashmir, have approved the state goods & services Act (SGST) for ensuring the roll out.

--》GST is one single tax replacing all the indirect taxes levied at central and state level in India. GST is a single tax on the supply of goods and services. There is a facility to avail the credit of input taxes paid at each stage in the subsequent stage of value addition. Thus, GST is only on the value addition at each stage. It is a destination based tax ( not the origin based one).

--》GST is a destination based tax or consumption based taxation.

●There are 3 different types of levies in GST . They are CGST, SGST/UTGST, IGST

--》CGST and SGST are levied on the supply made by a registered person within the state.

--》UTGST will be levied along with CGST on supply made by a registered person within a union territory.

--》IGST will be levied on import or interstate supply of goods or services or both. IGST would be equal to the sum total of CGST and SGST/UTGST.