https://www.taxtmi.com/article/detailed?id=7338 Four statutes establish a nationwide Goods and Services Tax consolidating central and state indirect levies into a single supply tax: a central CGST for intra-state supplies, an IGST for inter-state supplies, a UTGST for territories without legislatures, and a Compensation statute to indemnify states for transitional revenue loss. The framework preserves a multi-slab rate structure, contemplates a peak rate with an additional cess on demerit goods, and provides seamless input tax credits to reduce cascading. Implementation requires parliamentary enactment and separate state legislature approvals. en-us Sun, 26 Mar 2017 10:21:38 +0530 Sun, 26 Mar 2017 10:21:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7338 Four statutes establish a nationwide Goods and Services Tax consolidating central and state indirect levies into a single supply tax: a central CGST for intra-state supplies, an IGST for inter-state supplies, a UTGST for territories without legislatures, and a Compensation statute to indemnify states for transitional revenue loss. The framework preserves a multi-slab rate structure, contemplates a peak rate with an additional cess on demerit goods, and provides seamless input tax credits to reduce cascading. Implementation requires parliamentary enactment and separate state legislature approvals. Articles Goods and Services Tax - GST Sun, 26 Mar 2017 10:21:38 +0530 https://www.taxtmi.com/article/detailed?id=7338