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Difference Between Present Tax Structure and GST Structure

Difference Between Present Tax Structure and GST Structure

Present Regime vs. GST Regime.

S. NOIssuesPresent RegimeGST Regime
1.Broad schemeThere are separate laws for separate levy. For e.g. Central Excise Act, 1944, respective State VAT laws.There will be only one such law because GST shall subsume various taxes as specified above.
2.Tax ratesThere are separate rates. For e.g. Excise 12.36 % and Service Tax 14%.There will be one CGST rate and a uniform rate of SGST across all states.
3Cascading effectThis Problem arises because credit of CST and many other taxes not allowed.This situation will not arise as CST concept is being eliminated with introduction of IGST.
4.Tax burdenUnder present scenario, tax burden on tax payer is high.Under this, tax burden is expected to reduce since all taxes are integrated which make it possible the burden to be split equitably between manufacturing and services
5.Cost Burden on ConsumersDue to presence of cascading effect, certain taxes become part of cost.As GST mechanism removes such effect by providing credit, cost burden is reduced.
6Concurrent PowerAt present, there is no such power to both Centre and State on same subject tax matterBoth Centre and State are vested with the power to make law on GST by virtue of proposed Article 246A of the Constitution
7.ComplianceTax compliance is complex because of multiplicity of laws and their provisions to be followed.Tax compliance would be easier as only one law subsuming other taxes need to be followed
8.Transparent Tax AdministrationPresently, tax is levied at two stages in broad manner i.e. 1. When product moves out of factory. 2. At retail outlet.GST is to be levied only at final destination of consumption and not at various points. This brings more transparency and corruption free tax administration.

Difference Between Present Tax Structure and GST Structure

Gujarat VAT department has issued circular

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