It is a tax applied to a registered taxpayer. It means that the central tax, state tax, integrated tax or union territory tax applicable on any goods or services must include
· IGST that will be charged on the imported goods.
· The tax payable under the subsections (3) and (4) of section 9.
· The tax payable under the subsections (3) and (4) of section 5 under the IGST act.
· The tax payable under the subsections (3) and (4) of section 9under the respective act of SGST
· The tax payable under the subsections (3) and (4) of section 7 under the act of UTGST.
However, input tax does not consist of tax that is paid under the composition charge.
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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