Distinct persons or distinct entities are basically branches of the same firm registered under different GSTINs. In case a business firm has registered its branches in two different states, then both such branches would be considered as ‘distinct person’ in GST era. Stock transfer between such branches would attract IGST during the GST era, and this has actually become a point of grave concern for a large number of businesses in India operating in different states and union territories.
GST, a unified tax regime for indirect taxes. This is perhaps the biggest tax reform in the regime of indirect taxes as it succeeds a number of indirect taxes that are applicable under the current regime.
The taxation framework in India is about to experience a radical shift once the GST (Goods and Services Tax) system takes over.
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