Destination based tax.
Only value addition will be taxed.
Types of GST-
Centre will levy – CGST
States will levy – SGST
Who is liable to pay GST ?
When the taxable person crosses the threshold exemption limit of Rs 10 lakhs
Rs 5 lakhs for NE States.
Except for certain specified cases ,
On all Intra State Supply CGST/SGST Payable.
On all Inter State Sale IGST Payable.
Import will be treated as Inter State Supplies & IGST will be Levied.
Export will be treated as zero rated Supplies and tax will be paid.
Compostion Scheme –
Small tax payers with turnover in my UpTo 50 lakhs shall be eligible for composition scheme.
Floor rate of tax shall not be less than 1 %.
GSTN – Goods & Service tax Network
A Special purpose vehicle called the GSTN has been set up to cater to the needs of GST.
Will provide IT Infrastructure and services to CG & SG.
GSTN Portal –
Application for Registration.