GST - Understanding Goods and Services Tax (Short Presentation)

Goods and services tax creates a dual central state levy with IGST, input tax credit and electronic compliance. GST replaces multiple central and state indirect taxes with CGST, SGST, UTGST and IGST under concurrent taxing powers; IGST applies to inter state supplies and imports. The framework vests rate setting and policy decisions in the GST Council, provides PAN based registration, electronic returns and an IT platform (GSTN), conditions input tax credit on invoice reconciliation, prescribes separate ledgers and refund procedures, and establishes a compensation cess and transitional provisions for States.