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India – New GST Arrangements

With effect from 1st of July 2017 India will implement a new goods and services tax (“GST”) which is intended to replace the current multiplicity of taxes and simplify business compliance.

Administration of GST

GST will be administered dually by the central and state governments. In other words the central and state government will levy GST on supplies of both goods and services on a common taxable value and receive revenue from their component of the tax.

Businesses will be able to claim input tax credits to recover the tax they pay on the value that they add to a product or service, so the tax is ultimately borne by the final consumer.

India’s new GST Law follows the “destination” principle, which, in the context of international trade means that imports are subject to GST and exports are zero-rated. In relation to interstate transactions within India, the State tax applies in the State of destination and not the State of origin.

IOR Global May 30, 2021
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