GST w.e.f. 01-04-2010. by-CA, Virander Chauhan New Delhi firstname.lastname@example.org M: 98101-37128. WHAT IS GST. -Tax on Goods & Services. -ITC set-off from producer to retailer. -Tax on Value Addition at each stage. -Consumption/Destination based tax. -Final Burden on Consumer.
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by-CA, Virander Chauhan
“There are some differences among States. Each State has its own local problem. We have to recognize these problems. We are trying to understand each others position.”
“These are the views of the Empowered Committee of State Finance Ministers. We will also look into it.”
“This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State). However, the basic features of law such as chargeability, definition of taxable event and taxable person, measure of levy including valuation provisions, basis of classification etc. would be uniform across these statutes as far as practicable.”-Para 3.2 (i)
(Taxes Related to goods and services are to be subsumed)
[A] CENTRAL TAXES:
[B] STATE TAXES:
(a) Deposit of Taxes [Rs. 30,000 (IGST)-Rs. 20,000/- = Rs. 10,000/-]
(b) Transfer of SGST Rs. 10,000/- to the Centre’s Account.
(a) Deposit of Taxes [Rs. 40,000 -Rs. 30,000/- (IGST) = Rs. 10,000/-]
(b) Centre to Transfer SGST Rs. 20,000/- to Punjab’s Account.
(a) Centre will get Rs. 20,000/-.
(b) Punjab will get Rs. 20,000/-
“The GST first discussion paper on GST is patchwork of political compromises which is neither good economics nor good politics. In spite of expensive deliberations over the past three years, it is silent on many important aspects of tax structure.
“Dual GST rates are workable but it generally increase administrative complications. The most important issue to be discussed in detail is how interstate transactions would be dealt with.”
“Once implemented, the goods and service tax would reduce the cascading impact of taxes and end-users will benefit by getting products at relatively lower prices.”
CA, Virander Chauhan