1. GST stand for Good and Services tax. It is a tax
on goods and services.
GST includes state and central level Indirect
2. 1) Direct Tax : e.g. Income tax, wealth Tax.
2) Indirect Tax : Service Tax, Excise duty,
3. Multiple Taxes in the Supply Chain.
High Transaction Cost in Favor of Tax Payers.
Helping Against Corruption.
As a developing country, India needs Corruption less System.
Enhancement in Efficiency of Manufacture and Distribution.
4. Duel GST : One is Central GST (CGST) and other is State GST(SGST)
Undeviating Forms : Challans, Returns ( mode – Electronic )
Cross Credit between State and Centre not allowed.
5. Its been part of tax prospect in Europe for past 50 years.
It is becoming fastest most preferred form of Income Tax in the
In China, GST applicable to only goods and processing services.
There is separate Business related tax in form of VAT.
6. A) Based on Area : It discontinued after the period of
B) Based on Product : It transferred into the refund route.
7. On the basis of invoice, credit of GST paid claimed.
GST is claimed when the invoice is received.
GST is immaterial either payment is made or not.
The benefit of invoice system is GST has to be paid
without receiving payment.
8. More than 130 countries introduced GST .
GST has been part of tax Landscape in Europe from the past
Countries such as new Zeeland and Singapore Tax virtually
at a single rate.
Indonesia has the five positive rates and over approximate
30 categories of Exemptions.
9. We have to pay GST on every single product we buy or
The sellers and service providers takes GST from their
The success of GST depend upon efficiency, equity and
GST helps nation in growth of economy.