Goods and Services Tax - GST in India - Concept of Goods and Services Tax

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GST System

There are three recognized systems for GST worldwide -

(a) Invoice System
(b) Payment System
(c) Hybrid System .....

How GST Will Work

The idea of Goods and Services Tax (GST) also known as Value Added Tax (VAT) is a tax on each financial contribute in the distribution chain. The taxable .....

GST Models

There exist various models of GST. Each model has their own advantages and disadvantages .....

Exempted Goods and Services

Some particular goods and services may be marked as exempted goods and services and the input credit should not be claimed on the .....

Tax Invoice

Tax invoice is the most vital & basic document in the GST. A dealer registered under GST can issue a tax invoice and .....

Goods and Services Tax

Now-a-days our country is following the unitary system for collection of Indirect Taxes levied on manufacture, sale and consumption of goods as well as services in order to create a suitable reform in Indirect tax from both domestic and foreign investment perspective thereby reducing burdensome compliance, high cost of transaction and nagging uncertainty in tax liability for a business.

The budget speech of 2006-2007 included a proposal for commencement of Goods and Services Tax (GST) and in the budget speech of 2009-10 it has been said again that the introduction of GST would be accelerated with effect from April 01, 2010.

GST model is outlined with a dual GST consisting of a Central and a State GST. To relieve the pressure on States, an assistance of Rs 1,000 crore will be provided to them for GST implementation
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