Under GST regime Input Credit available for GST payment will be smooth but will have few conditions and restrictions as in existing Cenvat rule. Below are few area where GST input is either conditional or
Their will be Four types of input tax under GST: Input of Central GST Input of State GST Input of Integrated GST (for Inter state transaction and imports) Input of Union territory (for Union...
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.
GST Bills will deal with Central GST on supplies (Goods and services), Integrated GST for regulating transaction between two states, GST rules for union territory and rules for compensation that will issued by Central to respective states for loss of revenue due to implementation of GST.