- Single tax rate for a product or service in any part of the country (except J&K].
- The following 17 different indirect taxes will be subsumed under GST.
|Central taxes||State taxes|
|1. Central Excise Duty.||9. State VAT.|
|2. Duties of Excise (Medicinal and Toilet Preparations].||10. Central Sales Tax.|
|3. Additional Duties of Excise (Goods of Special Importance].||11. Purchase Tax.|
|4. Additional Duties of Excise (Textiles and Textile Products].||12. Luxury Tax.|
|5. Additional Duties of Customs (commonly known as CVD].||13. Entry Tax (All forms].|
|6. Special Additional Duty of Customs (SAD].||14. Entertainment Tax (except those levied by the local bodies].|
|7. Service Tax.||15. Taxes on advert is ements.|
|8. Cesses and surcharges in so far as they relate to supply of goods or services.||16. Taxes on lotteries, betting and gambling.|
|17. State cesses and surcharges in so far as they relate to supply of goods or services.|
- Better compliance for trade and industry sector.
- Seamless flow of credit across the value chain.
- Removal of cascading effect.
- Dual GST (Central GST & State GST) and Integrated GST (IGST)
- Tax rates: 5%, 12%, 18% &28%
- Destination based tax
- Taxable event – SUPPLY
- Threshold exemption limit: Rs 20 lakhs & Rs 10 lakhs (for special category States & North Eastern States)
- Composition scheme threshold: Rs 50 lakhs
- Pan based registration
- Tax can be deposited by internet banking, NEFT/RTGS, debit card, credit card & Over the Counter (OTC).
- Goods and service tax network (GSTN], the technology backbone of GST. It provides IT infrastructure and services to the Central and State Governments, taxpayers and other stakeholders for implementation of the Goods and Services Tax (GST)
- GST Suvidha Provider (GSP) is an online compliance platform which will enable the taxpayer to comply with the provisions of the GST law through its web platform.