►  Reduction in prices of goods & services due to elimination of cascading

►  Applies to all supplies of goods / services (as against manufacture, sale or provision of service) made
      for a consideration except –

      o  Exempted goods / services

      o  common list for CGST & SGST q Goods / services outside the purview of GST

      o  Transactions below threshold limits

►  Dual GST having two concurrent components   

      o  Central GST (CGST) levied & collected by Centre

      o  State GST (SGST) levied & collected by States

►  CGST & SGST on intra-State supplies of goods / services in India   

►  IGST levied & collected by the Centre applicable to

      o  Inter-State supplies of goods / services in India

      o  Inter-state stock transfers of goods

      o  Import of goods / services

      o  Export of goods / services (if made on payment of GST under claim of rebate)

►  Export of goods / services – Zero rated   

►  All goods or services likely to be covered under GST except:   

      o  Alcohol for human consumption –State Excise + VAT

      o  Electricity - Electricity Duty

      o  Sale / purchase of Real Estate - Stamp Duty + Property Taxes

►  Five specified petroleum Products – to be brought under GST from a later date on recommendation of
      GSTC

►  Tobacco Products – under GST + Central Excise

►  Floor rate with a small band of rates for standard rated goods / services for CGST & SGST

►  Optional Threshold exemption in both components of GST

►  Optional Compounding scheme for taxpayers having taxable turnover up to a certain threshold above the
      exemption