Monday, 17 October 2016

How is GST Different from Current Tax Structure


What does this mean? What will be its impact?
GST proposes to remove the geographical barriers for trading, and transform the entire nation to ‘One Common Market Place’.
Let us understand the fundamentals of GST, it is a dual concept tax system. Under this system, tax is administered, collected, and shared by both the Centre and the State governments, based on the nature of transaction (within the state or interstate).
The tax components of GST 


While we now know the tax components of GST, it is equally important for you to know the taxes existing in the current regime, and how they are subsumed under GST.
Current Indirect Tax structure
Current Tax structure Vs GST

Taxes subsumed under GST

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