Question

what is GST? write your opinion.

Answer 1

GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, 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 CentreState GST (SGST) Which will be levied by StateIntegrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.