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First Discussion Paper On Goods and Services Tax In India

 

 

 

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Report of Task Force on Implementation of GST

Goods and Services Tax reform: dual CGST/SGST on a consumption base, invoice credit method, Modified Bank Model for inter state zero rating. The Task Force recommends a dual GST (CGST and SGST) on a common consumption base under the destination principle, computed by the invoice credit method with full immediate input tax credit (including capital goods) and no cross utilisation of CGST and SGST credits. Inter state transactions should be effectively zero rated via a Modified Bank Model using a nodal bank and Form GST I for combined electronic payment and returns. Exemptions are narrowly defined; SIN goods remain subject to excise plus GST without excisable input credit. Registration is PAN based with a uniform Rs.10 lakh turnover threshold and optional composition scheme for small suppliers.