Page 40 - Banking Finance August 2017

ARTICLE

LEVY &

COLLECTION

OF TAX

I n this issue we will discuss certain important aspects will be liable to pay tax, provided items of supply are not

exempted ones. The type of tax (i,e CGST, SGST or IGST)
of Levy and Collection of Tax under GST Regime. The
issues like Liability under GST, Registration process,
will depend upon the nature of supply viz. the inter-State
GSTN, Roles & functions of GST Council, a bird's eye
view of GST Rates for goods are discussed here. Other as- supplies or the intra-State supplies.
pects such as Rates in respect of services, Items exempted The intra-State supplies will be liable to both Central Goods
from GST, rate structure in brief, impact of rates on various and Services Tax (CGST) and State Goods and Services Tax
items of goods or services, legal aspects of levy and collec- (SGST) while the inter-State supplies will be liable to Inte-
tion will be discussed in subsequent issues. Here matters grated Goods and Services Tax (IGST).
are discussions are made in the form of FAQs for quick ref-
erence and better understanding of the readers. In the legal terms, "CGST" means the tax levied under the
Central Goods and Services Tax Act 2016, "SGST" means the
1. Who is liable to GST? tax levied under the State Goods and Services Tax Act, 2016
and "IGST" means the tax levied under the Integrated Goods
As per GST laws every supply of goods or services or both
and Services Tax Act, 2016.
About the author
The CGST and the SGST would be levied at rates to be jointly
decided by the Centre Government and State Government
CA. R C Guria
on the recommendations of the GST Council. CGST and SGST
M.Com, FCA, FIII (i,e Central Goods and Services Tax and State Goods and
R. C. Guria & Associates Services Tax shall be levied on all intra-State supplies of
Chartered Accountants
goods and/or services on the value determined under sec-
tion 15 of CGST Act.

40 | 2017 | AUGUST | BANKING FINANCE

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