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What is the taxation structure for Indian businesses under GST?

GST follows a dual tax model for intrastate transactions, comprising:

For interstate transactions, a combined Integrated GST (IGST) is charged and collected by the central government.

The GST system includes the following tax slabs:

Additionally, an Extra Cess applies to goods like tobacco, luxury cars, and aerated drinks. All GST-registered businesses receive a 15-digit GSTIN, which is PAN-based and used to track and reconcile transactions on the GST portal.

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