Excise duty, service tax, value-added tax (VAT), and other indirect taxes collected by the federal and state governments were all replaced by the GST. It eliminated the cascading impact of taxes by bringing about uniformity in the tax system throughout India. The Central GST (CGST) imposed by the Central Government and the State GST (SGST) levied by the State Governments make up the dual structure under which GST functions. Integrated GST (IGST), which is levied on interstate transactions and allocated to the relevant State by the Central Government, is applicable. The import of goods or services would be regarded as an interstate supply, and in addition to the appropriate customs charges, it would be liable to IGST. GST is a destination-based tax that is imposed from the manufacturer to the consumer at every point in the supply chain. It is used to account for the value added at each level, enabling a smooth flow of credits and lessening the tax burden on the final customer. With the help of the input tax credit, which GST permits, businesses may recoup the tax they paid on the materials they used to produce goods or render services. As a result, the overall tax burden is decreased and double taxation is avoided.
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