1) What is Goods and Service Tax (GST)?
2) What are GST rate slabs?
While the Centre proposed to levy a 4% GST on gold but the final decision on this was put off. During a press conference, finance minister Mr. Jaitley said, “GST rate on gold will be finalised after the fitting to the approved rates structure of all items is completed and there is some idea of revenue projections”.
3) Which of the existing taxes are proposed to be subsumed under GST?
|Taxes currently levied and collected by the Centre:||State taxes that would be subsumed under the GST|
|a. Central Excise duty|
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services
|a. State VAT|
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when
levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to
supply of goods and services
4) What will be status of Tobacco and Tobacco products under the GST regime?
|Commodities Proposed to be kept outside GST||Alcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel &|
|Taxation of such Commodities in GST Regime||The existing taxation system (VAT & Central Excise) will continue in respect of the above commodities.|
5) What type of GST is proposed to be implemented?
6) Why is Dual GST required?
7) Which authority will levy and administer GST?
8) How a particular transaction of goods and services would be taxed simultaneously under Central GST (CGST) and State GST (SGST)?
9) What are the benefits which the Country will accrue from GST?
10) What is IGST?
11) Who will decide rates for levy of GST?
12) What would be the role of GST Council?
13) Who is liable to pay GST under the proposed GST regime?
14) What are the benefits available to small tax payers under the GST regime?
15) How will the goods and services be classified under GST regime? What is HSN under GST?
16) How will imports be taxed under GST?
17) How will Exports be treated under GST?
18) What is the scope of composition scheme under GST?
19) What is GSTN and its role in the GST regime?
- facilitating registration;
- forwarding the returns to Central and State authorities;
- computation and settlement of IGST;
- matching of tax payment details with banking network;
- providing various MIS reports to the Central and the State Governments based on the tax payer return information;
- providing analysis of tax payers’ profile; and
- running the matching engine for matching, reversal and reclaim of input tax credit.