Tax base of GST would be wide and would thoroughly stretch out over all products and enterprises up to the last customer point. GST would have two parts:.
1. CGST It would be imposed by the Center
2. SGST It would be imposed by the States.
The essential elements of law, for example, chargeability, meaning of taxable occasion, taxable individual, taxable exchange, premise of grouping all eventual uniform for both CGST and SGST, i.e. the premise of taxability would be same for both CGST and in addition SGST, along these lines wiping out every one of the debate presently taken up by VAT/Sales tax experts and Service tax specialists to tax a solitary exchange.
“Merchandise” implies each sort of mobile property other than noteworthy claim and cash however incorporates securities, developing yields, grass and things appended to or shaping piece of the land which are consented to be disjoined before supply or under the agreement of supply.
GST will take after the goal rule i.e. effect of GST would fall on the individual at long last expending the product. Likewise tax income if there should arise an occurrence of SGST will accumulate to the State where the foreign products and ventures are expended.
GST would be organized on the goal rule, thus, tax base will move from creation to utilization whereby imports will be at risk to both CGST and SGST and fares ought to be mitigated from the weight of GST by zero rating. Thusly, income will accumulate to the State in which the utilization happens or is esteemed to occur.
The season of supply of merchandise/administrations should be the most punctual of the accompanying dates, in particular.
The date on which the merchandise/administrations are evacuated or the date on which the products are made accessible to the beneficiary.
The date on which the provider issues the receipt.
The date on which the provider gets the installment.
The date on which the beneficiary demonstrates the receipt of the products/benefits in his books of record.