Goods & Services Tax (GST)

GST is an indirect tax levied on supply of goods & services. GST has replaced numerous state and central indirect taxes to present a uniform tax structure with effect from 1st July, 2017. Earlier several taxes as imposed by central government (like Central Sales Tax (CST), Service tax, excise duty, SAD), state governments (like entry tax, VAT, octroi, luxury tax, entertainment tax) has been subsumed by GST under a single umbrella. Business already registered with Pre-GST era tax laws were asked to migrate under new taxation system of GST & obtain GSTIN within a given time frame.
It is regarded as a major revolution in the history of Indian taxation system. India has adopted unique dual model for GST, which means it is administered both by the state & central government. It is destination-based tax, levied at different stages of transaction/business process on value addition eliminating cascading effects.

Goods & Services Tax Network (GSTN)

Regarded as the technology backbone for GST in India has been primarily set up to provide IT infrastructure & services to central government, state governments, tax payers and other stakeholders. Computerised uniform procedures under GST for registration, return filing, tax payment has unified the Indian market referring GST commonly as ‘One Nation One Tax’.

Main Components of GST:

• CGSTCentral Goods & Services Tax to be collected by central government
• SGST: State Goods & Services Tax to be collected by state government
• IGST: Integrated Goods & Services Tax to be collected by central government
• UGST: Union territories Goods & Services Tax to be collected by Union territories