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Goods and Service Tax (GST)

GST - Salient Features

It would be applicable to all transactions of goods and service.
It to be paid to the accounts of the Centre and the States separately.
The rules for taking and utilization of credit for the Central GST and the State GST would be aligned.
Cross utilization of ITC between the Central GST and the State GST would not be allowed except in the case of inter-State supply of goods.
The Centre and the States would have concurrent jurisdiction for the entire value chain and for all taxpayers on the basis of thresholds for goods and services prescribed for the States and the Centre.
The taxpayer would need to submit common format for periodical returns, to both the Central and to the concerned State GST authorities.
Each taxpayer would be allotted a PAN-linked taxpayer identification number with a total of 13/15 digits.

Goods and Service Tax (GST) Models

The dual GST model proposed by the Empowered Committee and accepted by the Centre will have dual system for imposing the tax. GST shall have two components i.e.
1) Central GST
2) State GST
Central Excise duty, additional excise duty, services tax and additional duty of customs (equivalent to excise), state VAT entertainment tax, taxes on lotteries, betting and gambling and entry tax (not levied by local bodies)would be subsumed within GST

Taxable Person

It will cover all types of person carrying on business activities, i.e. manufacturer, job-worker, trader, importer, exporter, all types of service providers, etc.
If a company is having four branches in four different states, all the four branches will be considered as TP under each jurisdiction of SGs.
All the dealers/ business entities will have to pay both the types of taxes on all the transactions.
A dealer must get registered under CGST as it will make him entitle to claim ITC of CGST thereby attracting buyers under B2B transactions.
Importers have to register under both CGST and SGST as well.
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