Expected Model of GST
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 25-8-2015<\/p>\n
* 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.
\n * 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 :-
\nSubsumed in Central Tax
\nSubsumed in State Tax
\nCentral Excise Du<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n so as taxes by local bodies. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Expected Model of GSTBy: – CA Akash PhophaliaGoods and Services Tax – GSTDated:- 25-8-2015 * 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) … Continue reading “Expected Model of GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-649","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=649"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/649\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n * Cross utilization between State GST and Central GST is not expected to be allowed.
\nThis is just for your reference. It does not constitute our professional advice or recommendation.
\n Reply By Srikanthan S as =
\nDear Mr Akash Phophalia, thanks for the summary.
\nHowever, 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.
\nRegards,
\nS.Srikanthan
\n Dated: 28-8-2015
\n Reply By KASTURI SETHI as =
\nTaxable event will be on supply and Supply will be define<\/p>\n
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