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2016
  • GST is one of the most revolutionary tax systems to be rolled-out in the country. However, as with all tax things, there exists some confusion like division of taxation powers between the Central and State government. But, producers and manufacturers believe it would make the entire taxation system more fair, transparent and efficient. This blog throws light on how GST will operate in India.
  • Indian government is set to implement dual GST tax system, which would be administered at both Central and the State Government levels. Dual GST will comprise of SGST (collected by the State government), CGST (collected by the Central government) and IGST (collected by the central government on inter-State supply of goods and services).
  • Under the new levy, a transaction of sale within the state shall have the following taxation structure:
    1. SGST, collected by the State government
    2. CGST collected by the Central government
    3. Sale from one state to another shall have only one type of tax i.e., IGST collected to the Central government.

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2016
  • Please find the answers to the various frequently asked questions relating to GST in the document attached herewith:

2016
  • The Wednesday of 3rd Aug 2016, a day when Rajya Sabha finally took the big step in, by passing the GST bill in India, after a period long wait and arrays of debates and discussions over it. GST is the biggest transformation in tax reforms India has seen in years and has left everyone, from a common consumer to business entrepreneurs, curious over what changes it may bring upon.
  • So let us dig in further, beginning with how GST is different from VAT

Financial Management