Sixteen years in the making, India rolls out the Goods and Services Tax (GST) from July 1, 2017. What is State GST and Central GST? (Source: PIB)For transactions within a State, there will be two components of GST - Central GST (CGST) and State GST (SGST) - levied on the value of goods and services. Answered by Deloitte Haskins & Sells LLPBroadly, services are expected to become costlier under the GST regime, as the expected GST rate would be higher than the existing service tax rate of 15%. being higher as compared to recommended lower GST rate @ 5% and standard GST rates @ 12% and 18%.

Source: The Hindu June 30, 2017 06:16 UTC