Well, the common people are satisfied and happy with the rollout og GST. But the big People (Industrialists, Manufacturers, Owners) had some effect . I Feel it’s the politicians mainly the opponent party is creating an issue of the GST ROLLOUT .
Goods and Services Tax (GST) is the accumulation of prevailing Central and State Taxes in India into a single tax. It is biggest and most significant reformation of Indian Indirect Tax Structure till date. GST will mitigate the cascading or double taxation of present taxation, facilitating a common national market. Goods and Services Tax would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, replacing various taxes levied by the Central and State Governments.
Features of GST
- GST or Goods and Services Tax is a comprehensive tax applicable on goods & services, which will flow against the present tax structure of multi-level taxation.
- GST will subsume Central Indirect Taxes like excise duty, countervailing duty and service tax, and State Levies like value added tax, octroi and entry tax, luxury tax etc.
- It will be a Destination Based & Multipoint Tax and not the Origin based tax
- It will be a Dual GST having two components –Central GST– CGST levied by the Centre, andState GST– SGST levied by the states
- Intra-State supplies of goods & services are liable to CGST & SGST on identical Tax Base
- Import of Goods or Services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties
- Inter-State supplies of goods & services are liable to Integrated Goods & Services Tax (IGST) by the Centre.
- GST would subsume the following taxes currently levied and collected by the Centre:Central Excise dutyCountervailing dutyService TaxOctroi and Entry TaxDuties of Excise (Medicinal and Toilet Preparations)Additional Duties of Excise (Goods of
- Special Importance)Additional Duties of Excise (Textiles and Textile Products)Special Additional Duty of Customs (SAD)Cesses and surcharges insofar as far as they relate to supply of goods or services
- State taxes that would be subsumed within the GST are:State VATCentral Sales TaxPurchase TaxLuxury TaxEntry Tax (All forms)Entertainment Tax (not levied by the local bodies)Taxes on advertisementsTaxes on lotteries, betting and gambling
