Goods and Service Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. in a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
What are GST rate slabs ?
0 to 28 %
Goods Tax: 0%, 5%, 12%, 18%, 28%
What type of GST is proposed to be implemented ?
- SGST : State GST – Intra-State Supplies
- CGST : Central GST – Intra-State Supplies
- IGST : Integrated GST – Inter-State Supplies
Sample GST : 22 AAAAAAAAAA 1Z5
HERE :
22 : STATE CODE
AAAAAAAAAA : PAN
1 REPRESENTS THAT ONE GSTIN EXIST IN THIS STATE
Z IS DEFAULT
5 CHECK SUM DIGIT
What is Check Sum Digit ?
