FAQ: GST basics


The what, how and why of the tax reform

GST replaces eight central and nine State taxes such as Central Excise Duty, Service Tax, CST, State VAT and Entry Tax. The uniform GST rates across States reduce the tax burden and compliance cost.

GST would be collected at each stage of production or distribution. GST would be levied by both the Centre and States simultaneously on a common tax base. Centre will levy and administer CGST & IGST. Respective States will levy and administer State GST.................Read more

 

Source: Business Line


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