GST: Salient Features of GST in India

Salient features of GST in India 

  • Centre will have the power to frame the rules and laws relating to inter-state sale of goods and services.
  • State will get a share of revenue on all sale of goods and services happening from their state
  • State tax will be called – State GST (SGST)
  • Centre tax will be called – Central GST (CGST)
  • SGST & CGST shall be levied all the sales happening within the state
  • In case of sale outside the state Integrated GST (IGST) shall be levied. A share of IGST will be given to the state as well.
  • GST will subsume 17 taxes including Central Excise, Octroi, Entry Tax, VAT, Service Tax, Luxury Tax, Entertainment Tax, Purchase Tax, Additional Customs Duty, Special additional duty etc.
  • Imports shall be levied customs duty and IGST.
  • Petroleum & Crude Oil, Alcohol are not covered currently under GST but the council have the power to include them under GST by way of a notification.
  • Administration of GST shall be done by the GST Council which shall comprise of state and central ministers

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