The implementation of GST will lead to the abolition of other taxes such as octroi, Central Sales Tax, State-level sales tax, entry tax, stamp duty, telecom license fees, turnover tax, tax on consumption or sale of electricity, taxes on transportation of goods and services, et cetera, thus avoiding multiple layers of taxationâ€‹ that currently exist in India.
This would have a major impact on the product given that a design change is warranted in the taxation structure.
|Component||Levied by||Applicable on|
|Central GST (CGST)||Centre||Intra-state supply of goods or services in India.|
|State GST (SGST)||States||Intra-state supply of goods or services in India.|
|Integrated GST (IGST)||Centre||Inter-state supply of goods or services, Exports and Imports.|
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