LEARN GST

LEARN GST 

“Goods and Services Tax” would be a comprehensive Indirect Tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State Governments.

GST is a tax on goods and services with value addition at each stage having comprehensive and continuous chain of set-of benefits from the producer’s/service provider’s point up to to the retailer’s level where only the final consumer should bear the tax.

The introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market.

Central Taxes to Subsumed in GST:

  1. Central Excise duty (CENVAT)
  2. Additional duties of excise
  3. Excise duty levied under Medicinal & Toiletries preparation Act.
  4. Additional duties of customs (CVD & SAD)
  5. Service Tax
  6. Surcharges & Cess, SBC, KKC

State Taxes to be Subsumed in GST:

  1. State VAT / Sales Tax
  2. Central Sales Tax
  3. Purchase Tax
  4. Entertainment Tax
  5. Luxury Tax
  6. Entry Tax (All forms)
  7. Taxes on lottery, betting & gambling
  8. Surcharges & Cess

Following Taxes will not be Subsumed with GST

  1. Purchase Tax
  2. Tax on Alcoholic beverages
  3. Tax on Tobaco Products
  4. Tax on Petroleum Products

For more details please visit ;

 Frequently Asked Questions (FAQs) on Goods and Services Tax (GST)

 

 

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