Levy and Collection of Goods and Services Tax in Course of Inter-State Trade or Commerce (Article 269-A)
Introduction
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on goods and services supplied in the course of inter-state trade or commerce. It is a destination-based tax, which means that the tax is levied at the place of consumption of the goods or services. The GST is levied by the Central Government and the State Governments.
The GST was introduced in India on July 1, 2017. It is a major reform in the indirect tax system in India. The GST has replaced a number of indirect taxes, such as the Central Excise Duty, the Service Tax, the Value Added Tax (VAT), and the Octroi.
The GST is a single tax, which means that there is no cascading of taxes. This is expected to lead to a reduction in the cost of goods and services. The GST is also expected to improve compliance and transparency in the indirect tax system.
Levy and Collection of GST in Course of Inter-State Trade or Commerce
The GST is levied on all goods and services supplied in the course of inter-state trade or commerce. The GST is levied on the value of the supply of goods or services. The value of supply is determined in accordance with the provisions of the GST law.
The GST is collected by the Central Government and the State Governments. The Central Government collects the GST on inter-state supplies. The State Governments collect the GST on intra-state supplies.
The GST is paid by the supplier of goods or services. The supplier of goods or services is liable to pay the GST to the Government. The supplier of goods or services is required to file a return with the Government and pay the GST on the due date.
Frequently Asked Questions
What is GST?
GST is a comprehensive indirect tax levied on goods and services supplied in the course of inter-state trade or commerce. It is a destination-based tax, which means that the tax is levied at the place of consumption of the goods or services. The GST is levied by the Central Government and the State Governments.
When was GST introduced in India?
The GST was introduced in India on July 1, 2017. It is a major reform in the indirect tax system in India. The GST has replaced a number of indirect taxes, such as the Central Excise Duty, the Service Tax, the Value Added Tax (VAT), and the Octroi.
What are the benefits of GST?
The GST is a single tax, which means that there is no cascading of taxes. This is expected to lead to a reduction in the cost of goods and services. The GST is also expected to improve compliance and transparency in the indirect tax system.
Who is liable to pay GST?
The supplier of goods or services is liable to pay the GST to the Government. The supplier of goods or services is required to file a return with the Government and pay the GST on the due date.
What is the rate of GST?
The rate of GST varies depending on the type of goods or services. The rate of GST is between 5% and 28%.
What are the exemptions under GST?
There are a number of exemptions under GST. Some of the exemptions include food items, essential commodities, and education.
What are the penalties for non-compliance with GST?
There are a number of penalties for non-compliance with GST. Some of the penalties include imprisonment, fine, and confiscation of goods.
What are the dispute resolution mechanisms under GST?
There are a number of dispute resolution mechanisms under GST. Some of the dispute resolution mechanisms include the Advance Ruling Authority, the Dispute Resolution Panel, and the Appellate Tribunal for Goods and Services Tax.
MCQs
- What is GST?
GST is a comprehensive indirect tax levied on goods and services supplied in the course of inter-state trade or commerce.
- When was GST introduced in India?
GST was introduced in India on July 1, 2017.
- What are the benefits of GST?
The benefits of GST include a reduction in the cost of goods and services, improved compliance and transparency in the indirect tax system, and a single tax system.
- Who is liable to pay GST?
The supplier of goods or services is liable to pay the GST to the Government.
- What is the rate of GST?
The rate of GST varies depending on the type of goods or services. The rate of GST is between 5% and 28%.
- What are the exemptions under GST?