Goods and Services Tax(GST) is a destination based tax applicable for supply of goods and services or both administered concurrently by the Center and State Governments through out the value chain except:
Find below the quick snapshot of the proposed GST Structure:
GST Rates are based on Revenue Neutral Rates. Following are the proposed rate types and the rates are not yet finalized as on the blog posted date:
1. Merit rate => For essential goods and services.2. Standard rate => For goods and services in general.3. Special rate => For precious metals and for specified goods and services.4. Zero rate => For exports, supply to EOU/SEZ etc.
Goods and Services outside the purview of GST:
GST is considered the largest indirect tax reform in India and will replace multiple indirect taxes that are administered by the Central and State Governments.
The Goods and Services Tax Network (GSTN), has been tasked by the Government of India with building and maintaining the centralized, national level government IT infrastructure required for GST.