Good transactions under Goods and Services Tax

Good transactions under Goods and Services Tax

Prepared By: - CA Pradeep Jain,

Sukhvinder Kaur, LLB (FYIC)

Siddharth Rutiya

Introduction: -

The indirect tax regime in India is evolving into GST in the year 2010. The steps towards introduction of GST have commenced. The Empowered Committee of State Finance Ministers has introduced the First Discussion Paper on GST in India on November 10, 2009. A dual structure of Central GST (CGST) and State GST (SGST) is proposed to be imposed on the manufacture of goods and on provision of services. A continuous chain of set-off from the original producer’s point and service provider’s point upto the retailer’s level would be established which would eliminate the burden of all cascading effects.

For sale or services transactions between two states (inter-state), the Government has proposed to impose Inter State GST (IGST) which will include both CGST and SGST. Between the Inter-state transactions and Intra-state transactions which will be more beneficial to the assessee is the topic of discussion of this Article.....Read More