- Reduction in prices of goods & services due to elimination of cascading
- Applies to all supplies of goods / services (as against manufacture, sale or provision of service) made for a consideration except –
- Exempted goods / services
- common list for CGST & SGST q Goods / services outside the purview of GST
- Transactions below threshold limits
- Dual GST having two concurrent components
- Central GST (CGST) levied & collected by Centre
- State GST (SGST) levied & collected by States
- CGST & SGST on intra-State supplies of goods / services in India
- IGST levied & collected by the Centre applicable to
- Inter-State supplies of goods / services in India
- Inter-state stock transfers of goods
- Import of goods / services
- Export of goods / services (if made on payment of GST under claim of rebate)
- Export of goods / services – Zero rated
- All goods or services likely to be covered under GST except:
- Alcohol for human consumption –State Excise + VAT
- Electricity – Electricity Duty
- Sale / purchase of Real Estate – Stamp Duty + Property Taxes
- Five specified petroleum Products – to be brought under GST from a later date on recommendation of GSTC
- Tobacco Products – under GST + Central Excise
- Floor rate with a small band of rates for standard rated goods / services for CGST & SGST
- Optional Threshold exemption in both components of GST
- Optional Compounding scheme for taxpayers having taxable turnover up to a certain threshold above the exemption