The most important aspect of the Goods and Services Tax (GST) is the inclusion of a new input credit system. When you purchase goods or services from a registered dealer you pay taxes on the purchase and while making sales, the tax is collected and the same is adjusted periodically…
The Centre and the States both have been designated the powers to levy and collect taxes and as per the Constitution, they have different responsibilities to perform. The dual system of GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Centre and States will simultaneously levy…
The main objective of GST is the eradication of multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government will be subsumed under the GST Regime. The subsumption of all…