TaxTMI 
TaxTMI 
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GST- Driver for Economic Growth in India
GST- Driver for Economic Growth in India
18 May 2015 
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Goods and Services Tax unifies central and state levies into CGST/SGST with IGST, input credit rules, governance and compensation measures.
GST is a destination-based, value-addition tax intended to subsume numerous central and state levies into a dual CGST/SGST model with IGST for inter-state supplies; it prescribes cross-utilisation rules for input tax credits, rate categories for necessities and industrial goods, a constitutional amendment and GST Council for governance, transitional and compensation arrangements including a temporary 1% inter-state levy and staged state revenue compensation, and operational measures on registration, invoicing, returns, refunds and exemptions to reduce cascading taxes and transaction costs. (AI Summary)
GST is a destination-based, value-addition tax intended to subsume numerous central and state levies into a dual CGST/SGST model with IGST for inter-state supplies; it prescribes cross-utilisation rules for input tax credits, rate categories for necessities and industrial goods, a constitutional amendment and GST Council for governance, transitional and compensation arrangements including a temporary 1% inter-state levy and staged state revenue compensation, and operational measures on registration, invoicing, returns, refunds and exemptions to reduce cascading taxes and transaction costs. (AI Summary)