{"id":101,"date":"2016-10-27T07:45:43","date_gmt":"2016-10-27T07:45:43","guid":{"rendered":"http:\/\/attitudetallyacademy.com\/Blog\/?p=101"},"modified":"2016-10-27T07:45:43","modified_gmt":"2016-10-27T07:45:43","slug":"gst-different-current-tax-structure","status":"publish","type":"post","link":"https:\/\/www.attitudetallyacademy.com\/Blog\/gst-different-current-tax-structure\/","title":{"rendered":"How is GST Different from Current Tax Structure?"},"content":{"rendered":"

<\/strong><\/p>\n

\"tax\"<\/p>\n

In this article you can find all differences between Present Tax Structure and Goods and Service Tax Structure like \u2013 Difference between\u00a0Broad scheme,\u00a0Difference between Tax rates,\u00a0Difference between\u00a0Tax burden,\u00a0Difference between Concurrent Power,\u00a0Difference between Compliance,\u00a0Difference between Transparent Tax Administration,\u00a0Difference between\u00a0Cascading effect etc.<\/p>\n

Present Tax Structure Vs GST Structure<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
S.N.<\/td>\nIssues<\/strong><\/td>\nPresent Structure<\/td>\nGST Structure<\/td>\n<\/tr>\n
1<\/td>\n\nBroad scheme<\/p>\n

 <\/td>\n

There are separate laws for separate levy. For e.g. Central Excise Act, 1944, respective State VAT laws.<\/p>\n

 <\/td>\n

There will be only one such law because GST shall subsume various taxes as specified above.<\/td>\n<\/tr>\n
2<\/td>\nTax rates<\/td>\nThere are separate rates. For e.g. Excise 12.36 % and Service Tax 15%.<\/td>\nThere will be one CGST rate and a uniform rate of SGST across all states.<\/td>\n<\/tr>\n
3<\/td>\nCascading effect<\/td>\nThis Problem arises because credit of CST and many other taxes not allowed.<\/td>\nThis situation will not arise as CST concept is being eliminated with introduction of IGST.<\/td>\n<\/tr>\n
4<\/td>\nTax burden<\/td>\nUnder present scenario, tax burden on tax payer is high.<\/td>\nUnder 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<\/td>\n<\/tr>\n
5<\/td>\nCost Burden on Consumers<\/td>\nDue to presence of cascading effect, certain taxes become part of cost.<\/td>\nAs GST mechanism removes such effect by providing credit, cost burden is reduced.<\/td>\n<\/tr>\n
6<\/td>\nConcurrent Power<\/td>\nAt present, there is no such power to both Centre and State on same subject tax matter<\/td>\nBoth Centre and State are vested with the power to make law on GST by virtue of proposed Article 246A of the Constitution<\/td>\n<\/tr>\n
7<\/td>\nCompliance<\/td>\nTax compliance is complex because of multiplicity of laws and their provisions to be followed.<\/td>\nTax compliance would be easier as only one law subsuming other taxes need to be followed<\/td>\n<\/tr>\n
8<\/td>\nTransparent Tax Administration<\/td>\nPresently, tax is levied at two stages in broad manner i.e. 1. When product moves out of factory. 2. At retail outlet.<\/td>\nGST is to be levied only at final destination of consumption and not at various points. This brings more transparency and corruption free tax administration.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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