GST | Unified Tax System - Dual GST Model and Integrated GST - Destination-Based Tax - GST Council - Four-Tier Tax Structure - Key features of GST
What is GST? GST, or Goods and Services Tax, is a comprehensive indirect tax that was introduced in India on July 1, 2017. It replaced a complex system of multiple indirect taxes that were levied at the central and state levels. GST is a destination-based tax, meaning it is levied at the final point of consumption. Key features of GST include: 1. Unified Tax System: GST subsumed various indirect taxes such as Central Excise Duty, Service Tax, Value Added Tax (VAT), Central Sales Tax, and more. What Microeconomics | Definitions of Microeconomics 2. Dual GST Model: GST is implemented as a dual system, comprising Central GST (CGST) levied by the central government and State GST (SGST) levied by individual states. 3. Integrated GST (IGST): For transactions involving inter-state supply of goods and services, IGST is levied. It is collected by the central government and then distributed to the concerned states. 4. Destination-Based Tax: GST is a destination-based tax, meaning it is levied at...