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You are here: Home / Economics / The Goods and Services Tax (GST)
Goods and Services Tax (GST), a value added tax, is collected at all points in the supply chain. In this
particular tax, credit is permitted for any tax that has been paid on inputs procured for use in making the
supply. The tax would be applied to both goods and services in a broad manner in which exemptions are
restricted to minimum.
Abiding by the principles of federal structure of India it has been proposed that Goods and Services Tax
should be imposed by the Centre (CGST) and the States (SGST) concurrently. For inter-state supply there is
an integrated GST (IGST).
In the context of the supply of goods, an additional tax, in addition to IGST, of up to 1% has been proposed
to be imposed by the Union Government. The revenue collected from this tax is going to be assigned to the
concerned states. This tax would be levied for initial two years or as recommended by the Goods and
Services Tax council as far as the time limit is concerned.
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The GST Bill, that was conceived twelve years ago, has been kept pending because there were some
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changes needed in the basic Bill and all states were not in favor of many provisions of the Bill particularly
with the clause dealing with sharing of the revenue collected through the GST.
However, the incumbent Finance Minister has assured the states to compensate them for any revenue loss
by saying that the new uniform indirect tax will be much less than 27% that has been recommended by an
expert panel.
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State tax would be applicable in the State destination, in the context of inter-state transactions, as
opposed to that of origin.
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Filed Under: Economics, GS
Tagged With: Goods and Services Tax
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