https://www.taxtmi.com/news?id=17847 Introduction of a dual Goods and Services Tax establishes concurrent taxation of the supply of goods and services by both Centre and States, replacing multiple indirect levies. The scheme permits both levels to levy GST across the value chain while allowing input tax credit at each stage to offset output liability, thereby eliminating cascading taxation. GST aims to harmonise disparate State rates, broaden the tax base, reduce production costs and inflation, and rely on a robust IT-enabled mechanism for seamless transfer of input tax credit to incentivise compliance and create a common domestic market. en-us Tue, 11 Apr 2017 18:13:51 +0530 Wed, 12 Apr 2017 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17847 Introduction of a dual Goods and Services Tax establishes concurrent taxation of the supply of goods and services by both Centre and States, replacing multiple indirect levies. The scheme permits both levels to levy GST across the value chain while allowing input tax credit at each stage to offset output liability, thereby eliminating cascading taxation. GST aims to harmonise disparate State rates, broaden the tax base, reduce production costs and inflation, and rely on a robust IT-enabled mechanism for seamless transfer of input tax credit to incentivise compliance and create a common domestic market. News - Tue, 11 Apr 2017 18:13:51 +0530 https://www.taxtmi.com/news?id=17847