gst short notes

GST In short: 

• Tax on both goods and services when supplied
• Replacing: Central Excise, Service Tax, VAT, Entry tax, CST etc,

How to Charge Tax:

• Dual GST: State GST/Union Territory GST and Central GST levied on common base
• Integrated GST on inter-state supplies and import
• Decentralized registration and compliances

Changes Now:

• Shift to destination based tax - Place of supply Rules
• Easy flow of credit
• GST is a single indirect tax for goods and sservies across india
• More and smooth flow of GST credits
• No more double taxation effect of indirect taxes

Sale of goods within State:

1. SGST
2. CGST

Sale of goods within Union Territory

1. UTGST
2. CGST

Sale of goods between 2 States

1. IGST

Credit to 
CA YOGESH KATARIA
(B.Com, ACA)

RAMDEV JYANI
(B.Com, CA Final)