GST is one indirect tax for the whole nation, which will make India one unified common market. 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 stage of #valueaddition, 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. Keeping in mind the #federal #structure of India, there will be two components of GST – Central GST (#CGST) and State GST (#SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levie on every supply of goods and services.

The Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The #inputtax credit of CGST would be available for #discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allow for paying the SGST on output. No cross utilization of credit would be permitted.

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