What is Goods and Service Tax (GST)
GST, frequently asked Questions
Goods and Service Tax (GST) Frequently asked Questions
What is GST
GST means Goods and Service Tax
Why GST?
GST eliminates present Tax on Tax system, remove incompleteness of present CENVAT and state VAT and expects overall economic growth of India.
Would GST help exporters?
Yes, the cost of goods and services in domestic country is expected to come down thereby exporters can avail competitive price for their export goods and services.
Why does India require IGST and SGST separately?
Indian requires both central and state goods and service tax (SGST and IGST) to maintain constitutional requirement of fiscal federalism.
When is SGST applicable?
SGST is applicable only when the supplier and the recipient are located within the state.
GST bills falls under which constitution amendment bill of India?
Goods and Service Tax falls under 122nd amendment of Indian Constitution 2014.
If any loss to states due to the introduction of GST would such loss be compensated?
Yes, Parliament may by law provide compensation to states for such loss of revenue from the introduction of goods and service tax up to certain years.
Would Central Excise duty be replaced with Goods and Service Tax?
Yes, Central Excise duty would be replaced with Goods and Service Tax
Would Duties of Excise (Medicinal and Toilet Preparations) be replaced with Goods and Service Tax?
Yes, Duties of Excise (Medicinal and Toilet Preparations) be replaced with Goods and Service Tax.
Would Additional Duties of Excise (Goods of Special Importance) be replaced with Goods and Service Tax?
Yes, Additional Duties of Excise (Goods of Special Importance) be replaced with Goods and Service Tax.
Would Additional Duties of Excise (Textiles and Textile Products) be replaced with Goods and Service Tax?
Yes, Additional Duties of Excise (Textiles and Textile Products) be replaced with Goods and Service Tax
Would Additional Duties of Customs (commonly known as CVD) be replaced with Goods and Service Tax?
Yes, Additional Duties of Customs (commonly known as CVD) be replaced with Goods and Service Tax
Would Special Additional Duty of Customs (SAD) be replaced with Goods and Service Tax?
Yes, Special Additional Duty of Customs (SAD) be replaced with Goods and Service Tax.
Would Service Tax be replaced with Goods and Service Tax?
Yes, Service Tax be replaced with Goods and Service Tax
Would State VAT be replaced with Goods and Service Tax?
Yes, State VAT be replaced with Goods and Service Tax.
Would cesses and surcharges be replaced with Goods and Service Tax?
Yes, cesses and surcharges be replaced with Goods and Service Tax.
Would Central Sales Tax be replaced with Goods and Service Tax?
Yes, Central Sales Tax be replaced with Goods and Service Tax
Would Purchase Tax be replaced with Goods and Service Tax?
Yes, Purchase Tax be replaced with Goods and Service Tax
Would Luxury Tax be replaced with Goods and Service Tax?
Yes, Luxury Tax be replaced with Goods and Service Tax
Would Entry Tax of all forms be replaced with Goods and Service Tax?
Yes, Entry Tax of all forms be replaced with Goods and Service Tax
Would Entertainment Tax not levied by the local bodies be replaced with Goods and Service Tax?
Yes, Entertainment Tax not levied by the local bodiesbe replaced with Goods and Service Tax
Would Taxes on advertisements be replaced with Goods and Service Tax?
Yes, Taxes on advertisements be replaced with Goods and Service Tax