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GST

GST is one indirect tax for the whole nation, which will make india one unified common market.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 stage 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 previous stages.

GST

The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except on exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits. Further, both would be levied on the same price or value unlike state VAt which is levied on the value of the goods inclusive of Central Excise.

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IGST

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In case of inter-state transactions, the Centre would levy and collect the Integrated Goods and Services Tax(IGST) on all inter-State supplies of goods and services under Article 269aA(1) of the Consatitution. The IGST would roughly be equal to CGST plus SGST. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one state to another. The inetr-State seller would pay IGST on the sale of his goods to the central Government after adjusting credit of IGST,CGST and SGST on his purchases(in that order).The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own State. The Centre will transfer to the importing State the Credit of IGST used in Payment Of SGST.Since GST is a destination-based tax, all SGST on the final product will ordinarily accure to the consuming State.

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