Goods and Service Tax – GST – By: – CA Akash Phophalia – Dated:- 25-8-2015 Last Replied Date:- 31-8-2015 – As per recommendations by Joint Working Group appointed by Empowered Committee in 2007, the GST in India may have four components in its tax structure as – (a) Central tax on goods upto retail level, (b) Central Service Tax, (c) State Vat tax on goods, and (d) State VAT on services. As far as tax rate structure is concerned each of the above four components may have four-rate categories. The Central GST will be administered by the Central Government and the State GST will be administered by the State Governments. The different taxes will be subsumed as under :- Subsumed in Central Tax Subsumed in State Tax Central Excise Duties (CENVA
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ion between State GST and Central GST is not expected to be allowed. This is just for your reference. It does not constitute our professional advice or recommendation. – Reply By Srikanthan S – The Reply = Dear Mr Akash Phophalia, thanks for the summary.However, you have mentioned that 'taxable event will shit to sale rather than manufacture'. Is it not 'supply' of goods/services which will be taxable event? That's why industries are looking at the fate of 'stock transfers or branch transfers' on which there could be a levy. Do kindly clarify.Regards,S.Srikanthan – Reply By KASTURI SETHI – The Reply = Taxable event will be on supply and Supply will be defined. It will include Stock transfer, branch transfer. – Re
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