Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Any business that makes inter-state supply is outside the ambit of the scheme
Introduction of GST would make Indian products competitive in the domestic and international markets.
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
Aerated drinks, mineral water, travel packages, coaching classes and beauty parlour services might also cost more
Businesses that are engaged in both taxable and non-GST supply have re-structured themselves into separate entities to avoid elaborate compliance, says Sudipto Dey.
There will be a review of employee compensation arrangement in the light of the new rules.
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