CURRENT AFFAIRS

Detailed explanation-1: -Subject to the provisions of section 10 IGST Act, supply of goods in the course of inter-State trade or commerce means any supply where the location of the supplier and the place of supply are in different States/ union territories or a state and a union territory.

Detailed explanation-2: -Answer: Keeping in mind the federal structure of India, there will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and services.

Detailed explanation-3: -The Central and State governments have simultaneous powers to levy GST on Intra-state supply. However, the Parliament alone have exclusive power to make laws with respect to levy of goods and ser-vices tax on Inter-state supply.

Detailed explanation-4: -The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is usually taxed as a single rate across a nation.