ABSTRACT

Almost 150 countries have introduced GST in some form. While countries such as Singapore and New Zealand tax virtually everything at a single rate, Indonesia has five positive rates, a zero rate and over 30 categories of exemptions. India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation.The GST implementation in India is DUAL in nature, i.e. it would consist of two components: one levied by Centre (CGST) and another levied by States and Union Territories (SGST) but the base of tax levy would be identical. The paper explains the procedure of GST registration, mechanism of tax collection, impact of GST on revenue of states an compensation paid to states for revenue.