GST: Decoding the new indirect tax regime

Indivjal Dhasmana clears up some confusion about the indirect tax regime

Indivjal Dhasmana  |  New Delhi 

What is GST?  It is a proposed new indirect tax regime, where one commodity will have the same rate, pan-India. There could be exceptions based on local importance, in which case those would be exempt. Input tax credit Refunds for taxes paid on input. This would be done in each stage, so that there is no cascading tax on tax. How is it different from now? In GST, only two buckets will have to be created to get input tax credit — one for State-GST and another for Central-GST. Currently, if companies are selling in, say, seven states, they have to ...

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Read our full coverage on GST

GST: Decoding the new indirect tax regime

Indivjal Dhasmana clears up some confusion about the indirect tax regime

Indivjal Dhasmana clears up some confusion about the indirect tax regime What is GST?  It is a proposed new indirect tax regime, where one commodity will have the same rate, pan-India. There could be exceptions based on local importance, in which case those would be exempt. Input tax credit Refunds for taxes paid on input. This would be done in each stage, so that there is no cascading tax on tax. How is it different from now? In GST, only two buckets will have to be created to get input tax credit — one for State-GST and another for Central-GST. Currently, if companies are selling in, say, seven states, they have to ... image
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