GST: Simplified for Competitive Exams- Structure, Slabs, & Compensation Cess of Goods & Services Tax

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What is Cascading Effect on indirect taxes?
What is Input Tax Credit. (ITC)
The History of MODVAT, CENVAT and Value Added Tax in chronological order. If we already have these things, then why do we need a goods and services tax (GST)?
Components of GST: IGST, CGST, SGST, UTGST. How do they apply for inter-state and intra-state trade, how is the input tax credit adjusted?
Polity Angle: 122nd Amendment “bill” to 101st Amendment Act.
GST Council: structure, function, voting powers.
GST is money bill or finance bill?
Which indirect taxes will be subsumed in GST?
Benefits of GST: rate arbitrage on vehicles will decline. Warehousing obsession will decline. Ancillarisation will be promoted. Same base computation will lead to fall in final MRP prices and exports will be zero rated.
Challenges of GST: revenue neutral rate (RNR), Compensation to states via Cess, compliance cost to MSME and small traders, E-Way will.
GSTN Network limited and GST-IN number registration.

Faculty Name: You know who
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