GST in a nutshell
GST in Brief with simple and easy to understand for a layman below:
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
To make you briefly understand in simple and easy language, GST eliminates the present following taxes and introduces news Tax of CGST, IGST and SGST:
Service Tax
Central Excise Tax
Additional Excise Duties
CVD, Additional Customs Duty, commonly known as Countervailing Duty
SAD, Special Additional Duty of Customs - 4%
The Excise Duty levied under the Medicinal and Toiletries Preparation Act
Surcharges, and Cesses
VAT / Sales tax
Luxury tax
Taxes on lottery, betting and gambling.
Entertainment tax (unless it is levied by the local bodies).
State Cesses and Surcharges in so far as they relate to supply of goods and services.
Entry tax not in lieu of Octroi.
It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
I hope the above information explains a very short and brief description about GST, Goods and Service Tax.
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