GOODS & SERVICES TAX (GST) (Status as on 01st May, 2017)

Goods and Services Tax unifies indirect levies into a supply based regime with GST Council governance and electronic compliance. The GST regime replaces multiple central and state indirect levies with a tax on the supply of goods and services, enabled by a constitutional amendment granting concurrent levy powers and constituting a GST Council to set rates, exemptions and compensation. The law prescribes CGST/SGST for intra State and IGST for inter State supplies, PAN based State registrations with thresholds and composition options, detailed rules on place/time/valuation of supply, and comprehensive Input Tax Credit mechanics subject to invoice, receipt, supplier payment and return filing conditions, alongside electronic compliance via a common GSTN portal.