Main Features of Goods And Service Tax (GST)

GST (Goods and Services Tax) is a system of taxation of goods & services in which tax paid on inputs of goods and services is given credit against the tax payable on output
GST is a destination based tax instead of being origin based, as earlier. This means that the state, where goods and services are finally going to be consumed, will get the tax
GST will be levied on supply of goods and services. Every supply of goods or services other than those specifically exempt, will be taxed
GST is a dual tax system, wherein CGST ( Central GST) and SGST (State GST) will be levied on every transaction by Central and State authorities concurrently
CGST will subsume seven central taxes / duties and SGST will subsume nine state taxes /cesses. Thus, leading to freedom from multiple inter- face with tax departments
Rates of GST will be decided mainly on the basis of neutral revenue considerations, i.e., the rates that will yield equivalent revenue
Rates once decided will be changed only after approval of GST Council
Threshold for both the taxes, which is being fixed, will be common for both SGST and CGST
Basic features of Central and State GST laws shall be same for the Centre and all the States. A model law has already been drafted for the purpose
PAN (Permanent Account Number) shall be compulsory for registration under GST. The registration number under GST, known as GSTIN, will be a PAN based number
There shall be a single return for both the taxes
There will be no cross utilization of ITC (Input Tax Credit) between CGST and SGST and vice - versa
Inter-state supply of goods and services is to be taxed under IGST (Integrated GST) which is to be levied and collected by Centre
The Central Sales Tax Act will not apply to transactions of goods and services covered by GST
Export will be zero- rated but ITC on purchases will be available
Import from outside the country will be treated as inter - state supply and IGST will be levied on it in addition to custom duty
Alcoholic liquor for human consumption is to be kept out of the purview of GST
GST on Petroleum crude, HSD, Petrol, ATF and Natural Gas will be imposed after the GST Council fixes a date for it
The IT infrastructure will be managed by a non-profit, non- government company known as GSTN (GST Network)

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