GST is the most awaited and biggest Tax Reform. It will be a game changing reform for the Indian economy. It is a new tax regime under which major indirect taxes would be merged to form Single Tax.
GST “Goods and Services Tax” would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments.
GST will have a far-reaching impact on almost all the aspects of the business operations in the country.
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Casual Taxable Persons
A casual taxable person is someone who occasionally undertakes supply of goods or services having no fixed place of business. An example of a casual taxable person can be a fireworks shops setup during Diwali festival time, selling fireworks or a temporary food stall.
Difference Between CGST, SGST & IGST
|Central GST (CGST)||State GST (SGST)||Integrated GST (IGST)|
|When the supply of goods and services takes place WITHIN the State (Intra-state), that is when the Supplier and the Consumer both are in the same state, two taxes will be levied. One part is levied by the State Government and the other is by Central Government. Hence the tax levied by the central government is known as Central GST.
|State GST is the component of GST that will be collected by the state government on all items, both goods and services on intra-state trade.
|When the supply of goods and services takes place BETWEEN two States (Inter-state), that is when the place of Supplier and the Consumer are in different states, Integrated GST is levied by the central government. In case of Inter State supply of Goods and Services only IGST will be applicable.