GST is one indirect tax for the whole nation, which will make India one unified common market. The GST intends to subsume most indirect taxes under a single taxation regime. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stages of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. This is expected to help broaden the tax base, increase tax compliance, and reduce economic distortions caused by inter-state variations in taxes.
CGST and SGST both will be levied on intra-state supply of goods and services while IGST will be applicable on inter-state supply of goods and services in India. Since it is a destination based tax, it will be levied at all stages right from manufacturer up to the final consumer with credit of taxes paid at previous stages available as set off. In short, tax will be levied only on value addition and the final burden of tax will be borne by the ultimate consumer.
1. Tax System in India
2. GST- Concept and Status
3. Economy of India
4. Implication of GST on Indian Economy
5. Income tax in India
6. Goods and Services Tax Network (GSTN)
7. Service Tax in India
8. Types of GST in India- CGST, SCST, IGST and UTGST
9. Value-added taxation in India
10. Excise and Custom Duty in India
11. Corporate Taxation in India
|AUTHOR'S NAME||PROF. VINOD KUMAR N. PRAJAPATI, PROF. JAYSHREE K. DESAI|
|PUBLISHER||AKHAND PUBLISHING HOUSE|