Goods and Services Tax reshapes state revenue and compliance through destination taxation, valuation rules, refunds, and compensation mechanisms.
Goods and Services Tax is a destination-based indirect tax consolidating prior levies to curb cascading taxation. Aggregate turnover for registration and composition counts taxable, exempt and zero-rated supplies. Valuation rules now include interest and penalties; refunds arise for exports and inverted duty situations. Stock transfers have specific tax and input credit implications where eligible. Alcoholic liquor for human consumption remains outside GST; certain petroleum products may enter GST only upon GST Council recommendation. A compensation mechanism addresses state revenue shortfalls and import taxation powers have been aligned with customs law. (AI Summary)

Rectification of apparent mistakes permits post-assessment correction; appeals and revision provide sequential tax remedies subject to limits.
The document summarises post-filing remedies: rectification under section 154 for apparent mistakes in orders and specified intimations, filed within the applicable limitation and decided within a prescribed period; appeal to CIT(A) by memorandum with grounds, documents and fees, with allowance for additional grounds/evidence but without automatic stay of recovery; and revision under section 264 against orders (not intimation), available when appeal rights are lost or waived and resulting revision orders are non appealable. (AI Summary)