Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 12-1-2016 Last Replied Date:- 13-1-2016 – What is Goods and Services Tax (GST)? GST stands for Goods and Services Tax , and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. Its main objective is to consolidates all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration. Simply put, goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods a
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ns to go the GST way is to facilitate seamless credit across the entire supply chain and across all States under a common tax base. It is a tax on goods and services, which will be levied at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider can claim the input credit of tax which he has paid while purchasing the goods or procuring the service. This is because they include GST in the price of the goods and services they sell and can claim credits for the most GST included in the price of goods and services they buy. The cost of GST is borne by the final consumer, who can t claim GST credits, i.e. input credit of the tax paid. Example: A product whose bas
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s in lieu of Excise duty) SAD (levied on imports in lieu of VAT) Excise Duty levied on Medicinal and Toiletries preparations, Surcharges and cesses Central Sales Tax At State level VAT/Sales tax Entertainment tax (unless it is levied by the local bodies) Luxury Tax Taxes on lottery, betting and gambling Entry tax not in lieu of Octroi Cesses and Surcharges Taxes/Duties Likely to be subsumed in GST Central Taxes/Levies State Taxes/Levies Central excise duty under Central Excise Act, 1944 Sales Tax/Value Added Tax (VAT) Additional excise duties – Under Additional Duties of Excise (Goods of Special Importance Act, 1957 Entertainment tax Excise Duty under Medicinal & Toiletries Preparation Act, 1955 State excise duty Service Tax under Finan
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