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rambabu wrote:
There will be two types of GST. Central GST and state GST keeping in view the federal structure. There is also likelihod of petroleum products kept out of proposd GST. It appears that central excise and service tax will be central GST whereas state GST will consist of taxes now coverd in VAT or sales tax. In this connection see:

http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)


If CST will become central GST and VAT will become state GST will it be not old wine in new bottle?


CST (central sales tax) is being gradually reduced and this will be abolished. The central excise and service tax now administered by Customs and central excise will be central GST. The sales tax/ commercial tax/ VAT by whatever name called now administered by state governments will be state GST. Thus there will be two GST- central and state.


Would you kindly bring out the real advantage between proposed GST and present Taxation structure, for benefit of us.



We shall know real advantages when the scheme is final. But most likely advantage is an assessee wil get credit for tax paid on input and input services while paying his GST. I am not clear whether set off between state and central GST will be available.[/quote

I too am interested to know the intricacies of GST.. Though your thread has thrown light on hitherto unknown facts on GST, i found as the discussion is progression, there is lot to know about GST. Kindly let me know as and when you have any information on GST

Let me explain the issue of set off of  central, state and IGST for payment of GST.

The position is:   1. IGST has to be first utiized for payment of IGST,  then CGST and then SGST.

                            2.  CGST an be utilized for payment of CGST and IGST but not SGST.

                            3. SGST can be utilized for payment of SGST and iGST but not SGST.

Thus CGST can not be adjusted against SGST and SGST can not be adjusted against CGST. , 

 


G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

Thank you, for explaining in detail This was the doubt that remained in me since a long time.

rambabu wrote:

Thank you, for explaining in detail This was the doubt that remained in me since a long time.

Ram Babu- I think you can use 'Thank you' icon or 'like'  for appreciating some post instead of writing a new post.  Thanks. 


G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

Thank you said by: rambabu, usha manohar
rambabu wrote:

I would request to go to any Shop, where you are Billed (  legal receipt is given) like DMART, Big Bazzar, Reebok Shop and buy something.See the Bill and ask yourself am i paying more or less after GST? 

 

 

 


Want to make each day Accountable

Read my link article. You can understand how GST will benefit all

rambabu wrote:

Read my link article. You can understand how GST will benefit all

Sir, i am talking about the practicality of this GST. I know who will benefit from whom. 

 


Want to make each day Accountable

Ronark, I request you go through the article i gave. There all aspects of GST were given Vividly and clearly

I think your doubts are cleared on GST

rambabu wrote:

I think your doubts are cleared on GST

To clear my doubts, you have to answer my question.


Want to make each day Accountable

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