One Nation, One Tax: Goods and Services Tax (GST)
One Nation, One Tax: Goods and Services Tax (GST)
One Nation, One Tax: Goods and Services Tax (GST)
GST
One Nation , One Tax
GOODS AND SERVICE TAX
1. Currently, there are multiple indirect taxes Central taxes such as excise duty,
service tax and countervailing duty, and State taxes, such as VAT, entertainment tax and
luxury tax. This results in high tax rates. Accordingly, GST seeks to eliminate multiplicity
of taxes, rates, exemptions and such exceptions to achieve uniformity of taxes across the
country. Further, it would provide greater certainty and transparency of taxes.
2.Because of above transparency, Taxation would increase and lead to reduced tax
evasion.
1) Custom Duty
2) Tobacco Products
6) Service Tax
8) Cess, Surcharges
WHICH STATE TAXES WILL BE ONLY SGST
SUBSUMED??
1) Excise On Liquor For Human Consumption
3) Electricity Duty
4) Petroleum Products
5) State VAT
7) Entry Tax