Frequently Asked Questions (FAQs) On Goods and Services Tax (GST)

1. Overview of Goods and Services Tax (GST)

What is Goods and Services Tax (GST)?
What exactly is the concept of destination based tax on consumption?
Which of the existing taxes are proposed to be subsumed under GST?
What principles were adopted for subsuming the above taxes under GST?
Which are the commodities proposed to be kept outside the purview of GST?
What will be the status in respect of taxation of above commodities after introduction of GST?
What will be status of Tobacco and Tobacco products under the GST regime?
What type of GST is proposed to be implemented?
Why is Dual GST required?
Which authority will levy and administer GST?
Why was the Constitution of India amended recently in the context of GST?
How a particular transaction of goods and services would be taxed simultaneously under Central GST (CGST) and State GST (SGST)?
What are the benefits which the Country will accrue from GST?
Who will decide rates for levy of GST?
What would be the role of GST Council?
What is the guiding principle of GST Council?
How will decisions be taken by GST Council?
Who is liable to pay GST under the proposed GST regime?
What are the benefits available to small tax payers under the GST regime?
How will the goods and services be classified under GST regime?
How will imports be taxed under GST?
How will Exports be treated under GST?
What is the scope of composition scheme under GST?
Whether the composition scheme will be optional or compulsory?
What is GSTN and its role in the GST regime?
How are the disputes going to be resolved under the GST regime?
What is the purpose of Compliance rating mechanism?
Whether actionable claims liable to GST?
Whether transaction in securities be taxable in GST?
What is the concept of Information Return?
Different companies have different types of accounting software packages and no specific format are mandated for keeping records. How will department be able to read into these complex software?
Is there any provision in GST for tax treatment of goods returned by the recipient?
What is Anti-Profiteering measure?