Overview of Goods and Services Tax (GST)
- What is Goods and Services Tax (GST)?
- What exactly is the concept of destination based tax on consumption?
- Which of the existing taxes are proposed to be subsumed under GST?
- What principles were adopted for subsuming the above taxes under GST?
- Which are the commodities proposed to be kept outside the purview of GST?
- What type of GST is proposed to be implemented?
- Why is Dual GST required?
- Which authority will levy and administer GST?
- Why was the Constitution of India amended recently in the context of GST?
- How a particular transaction of goods and services would be taxed simultaneously under Central GST (CGST) and State GST (SGST)?
- What are the benefits which the Country will accrue from GST?
- What is IGST?
- Who will decide rates for levy of GST?
- What would be the role of GST Council?
- What is the guiding principle of GST Council?
- How will decisions be taken by GST Council?
- Who is liable to pay GST under the proposed GST regime?
- What are the benefits available to small tax payers under the GST regime?
- How will the goods and services be classified under GST regime?
- How will imports be taxed under GST?
- How will Exports be treated under GST?
- What is the scope of composition scheme under GST?
- Whether the composition scheme will be optional or compulsory?
- What is GSTN and its role in the GST regime?
- How are the disputes going to be resolved under the GST regime?
- What are the other legislative requirements for introduction of the GST?
- What are the inclusions specified in Section 15(2) which could be added to Transaction Value?
- GST Threshold limit is set at Rs. 20 Lakh