Once the GST rolls out, the tax system in India is going to be completely streamlined and a majority of the current taxes will be subsumed making way for a single unified tax regime in the country. Below are some of the broad featured along with a list of taxes payable under the GST and the acceptable modes of payment.

Broad Features of the GST

• All payments are to be made electronically eliminating the need for paper at all stages.
• Single point interface for generation of challan- GSTN
• The introduction of common challan forms with auto-populate features.
• Standard accounting codes
• Payments can be facilitated through any bank
• Common set of authorised banks.

There are 4 Major types of taxes would be payable under GST:

1. CGST

It’s the Central Goods and Services Tax and falls under the 3 categories as defined under the newly amended tax regime to (or “intending to”) introduce a unified tax system. It comes under the Central Goods and Service Tax Act 2016.

2. IGST

It replaces the Central Excise tax as an integrated part of the GST. It will be collected at the end of the distribution cycle.

3. Additional Taxes

As defined by the government.

4. SGST

SGST or the States Goods and Services Tax is to be collected from the movement of goods and services from one state to another

Acceptable Modes of Payments

There are 3 ways of making payments which are as follows:

• Electronic including CC/DC (Mode II)
• Over the counter payments for up to 10000 INR (Mode II)
• Payments through RGTS/NEFT (Mode III)

Kindly note, that payment by the department officers can only be accepted in enforcement cases only.