7 FACTS TO KNOW ABOUT GST

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The Goods and Service Tax or GST is a taxation system where there is a single tax in the economy for goods and services. This taxation system is meant to create a single taxation system in the entire country for all goods and services.Here are 7 FACTS about GST which you need to know:

1. GST would be applicable on supply of goods or services as against present concept of tax on manufacture of goods.
   
2. GST would be a destination based tax as against the present concept of origin based tax.
   
3. It would be a dual GST with Centre and States simultaneously levying it on a common base.
   
4. GST levied by Centre would be called Central GST and that by States would be called State GST.
   
5. An Integrated GST would be levied on inter-State supply of goods or services.
   
6. Import of goods or services would be treated as Inter-State supplies and would be subject to IGST.
   
7. CGST, SGST & IGST would be levied at rates to be mutually agreed upon by the Centre and the States under aegis of GST Council.

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Written By: SOURAV BAGARIA