Important Features of GST

Composition Scheme

The GST regime will offer reduced tax liabilities to businesses under the composition scheme. These businesses must have a supply turnover of under Rs. 50 lakh, and will also not be able to avail of input-credit. This scheme will not, however, apply to the service industry or to businesses making inter-state sales.

GST Rates

The GST council has decided on a four-tier structure. The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. Gold and rough diamonds do not currently fall under GST and will be taxed at 3% and 0.25%.

CGST & SGST

GST will have a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST). Therefore, centre and state will levy GST on all entities. There is also an Integrated GST, which is the component of GST that is levied by the central government in case of inter-state trade. It is applicable on all items, both goods and services.

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