BASIC STRUCTURE OF GST, IGST, SGST, UTGST & CGST

18 Pages Posted: 11 Feb 2022

See all articles by Naman Jain

Naman Jain

Alliance University, School of Law

Sai Srinivas Reddy

Alliance University - Alliance University, School of Law, Students

Date Written: November 15, 2021

Abstract

GST is one indirect tax for the whole nation, which will make India one unified common market. The GST intends to subsume most indirect taxes under a single taxation regime. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stages of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. This is expected to help broaden the tax base, increase tax compliance, and reduce economic distortions caused by inter-state variations in taxes.

Keywords: Indirect Tax, GST, CGST, SGST, UTGST, IGST

JEL Classification: H20, H23, H25, H71, K34

Suggested Citation

jain, Naman and Reddy, Sai Srinivas, BASIC STRUCTURE OF GST, IGST, SGST, UTGST & CGST (November 15, 2021). Available at SSRN: https://ssrn.com/abstract=3972047 or http://dx.doi.org/10.2139/ssrn.3972047

Naman Jain (Contact Author)

Alliance University, School of Law ( email )

Bangalore
India

Sai Srinivas Reddy

Alliance University - Alliance University, School of Law, Students ( email )

Bangalore
India

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