https://www.taxtmi.com/article/detailed?id=592 The proposal establishes a dual GST comprising Central GST and State GST enacted by separate statutes with common substantive features. Taxes are paid into distinct central and state accounts and ITC is ring fenced to the corresponding tax head, prohibiting cross utilisation except under an IGST mechanism for inter state supplies; IGST would be levied by the Centre, allow credit to importing dealers, and use a clearing house for inter state credit transfers. Specified central and state indirect levies are to be subsumed, certain items excluded, imports taxed on a destination basis, and implementation requires legislative and constitutional changes. en-us Wed, 09 Dec 2009 17:32:55 +0530 Wed, 04 Feb 2015 19:10:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=592 The proposal establishes a dual GST comprising Central GST and State GST enacted by separate statutes with common substantive features. Taxes are paid into distinct central and state accounts and ITC is ring fenced to the corresponding tax head, prohibiting cross utilisation except under an IGST mechanism for inter state supplies; IGST would be levied by the Centre, allow credit to importing dealers, and use a clearing house for inter state credit transfers. Specified central and state indirect levies are to be subsumed, certain items excluded, imports taxed on a destination basis, and implementation requires legislative and constitutional changes. Articles Goods and Services Tax - GST Wed, 09 Dec 2009 17:32:55 +0530 https://www.taxtmi.com/article/detailed?id=592