GST

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Gautam (Querist)

04 April 2010 how revenue under IGST will be apportioned by the state and central government? because state will not be levying CST so it will be losing it's revenue and central will be collecting taxes in inter state purchases also

CA Ravi Sisodia

CA Ravi Sisodia (Expert)

04 April 2010 not certain but its only proposed.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

05 April 2010 Consistent with the federal structure of the country, the GST will have two components: one levied by the Centre (hereinafter referred to as Central GST), and the other levied by the States (hereinafter referred to as State GST). This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State). However, the basic features of law such as chargeability, definition of taxable event and taxable person, measure of levy including valuation provisions, basis of classification etc. would be uniform across these statutes as far as practicable. The Central GST and State GST are to be paid to the accounts of the Centre and the States separately.

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