Stock-in-hand Current Assets Sundry Creditors Current Liabilities Sundry Debtors Current Assets Unsecured Loans Loans (Liability) GST (Goods & Service Tax) Introduction To GST ( IGST , CGST, SGST) The GST would be applicable on the supply of goods or services or both as against the present concept of tax on the manufacture and sale of goods or provision of services. It will be a destination based consumption tax. There will be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied on intra-State supplies of goods and/or services by the Centre will be Central GST (CGST) and that to be levied by the States will be the State GST (SGST). The GST to be levied on Inter-State Supply of Goods and Services and on import of goods and services (in the place of CVD and SAD) is Integrated Goods and Services Tax (IGST), which is equal to CGST plus SGST. It will be levied and collected by Centre under IGST Act, 2017. Accounts would be settled periodically between the Centre and the States to ensure that the SGST portion of IGST is transferred to the Destination State where the goods or services are eventually consumed. The GST would apply to all goods other than alcoholic liquor for human consumption and five petroleum products, viz, petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel. It would apply to all services barring a few to be specified. Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products. The GST would replace the following taxes currently levied and collected by the Centre: Central Excise duty Duties of Excise (Medicinal and Toilet Preparations) Additional Duties of Excise (Goods of Special Importance) Additional Duties of Excise (Textiles and Textile Products) Additional Duties of Customs (commonly known as CVD) Special Additional Duty of Customs (SAD)
Stock-in-hand Current Assets Sundry Creditors Current Liabilities Sundry Debtors Current Assets Unsecured Loans Loans (Liability) GST (Goods & Service Tax) Introduction To GST ( IGST , CGST, SGST) The GST would be applicable on the supply of goods or services or both as against the present concept of tax on the manufacture and sale of goods or provision of services. It will be a destination based consumption tax. There will be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied on intra-State supplies of goods and/or services by the Centre will be Central GST (CGST) and that to be levied by the States will be the State GST (SGST). The GST to be levied on Inter-State Supply of Goods and Services and on import of goods and services (in the place of CVD and SAD) is Integrated Goods and Services Tax (IGST), which is equal to CGST plus SGST. It will be levied and collected by Centre under IGST Act, 2017. Accounts would be settled periodically between the Centre and the States to ensure that the SGST portion of IGST is transferred to the Destination State where the goods or services are eventually consumed. The GST would apply to all goods other than alcoholic liquor for human consumption and five petroleum products, viz, petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel. It would apply to all services barring a few to be specified. Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products. The GST would replace the following taxes currently levied and collected by the Centre: Central Excise duty Duties of Excise (Medicinal and Toilet Preparations) Additional Duties of Excise (Goods of Special Importance) Additional Duties of Excise (Textiles and Textile Products) Additional Duties of Customs (commonly known as CVD) Special Additional Duty of Customs (SAD)
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