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:
- Central Excise duty (CENVAT)
- Additional duties of excise
- Excise duty levied under Medicinal & Toiletries preparation Act.
- Additional duties of customs (CVD & SAD)
- Service Tax
- Surcharges & Cess, SBC, KKC
State Taxes to be Subsumed in GST:
- State VAT / Sales Tax
- Central Sales Tax
- Purchase Tax
- Entertainment Tax
- Luxury Tax
- Entry Tax (All forms)
- Taxes on lottery, betting & gambling
- Surcharges & Cess
Following Taxes will not be Subsumed with GST
- Purchase Tax
- Tax on Alcoholic beverages
- Tax on Tobaco Products
- Tax on Petroleum Products
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Frequently Asked Questions (FAQs) on Goods and Services Tax (GST)