gst in india  


VAT Service Tax India
Service Tax New Delhi
Central Excise and Service Tax
Service Tax Cenvat
Service Tax Exemption
Service Tax Tribunal

Justification of GST
Preparation for GST
Purchase Tax of GST
GST Rate Structure
VAT at the Central & State level
Goods & Services Tax Model For India
Central and State Taxes under GST
Special Industrial Area Scheme
Inter-State Transactions of Goods
Rules for CGST and SGST
Implementation of GST

Central Goods and Service Tax

The reformed indirect tax system GST-Goods and service tax is proposed to implement on 1st April 2010 in India. Several countries implemented this tax mechanism followed by France, the first country introduced GST. Goods and service tax is a new version of VAT which gives a comprehensive setoff for input tax credit and subsuming many indirect taxes from state and national level. The GST Implementation is not yet declared by government and the drafting of GST law is still under process and a clear picture will be available only after announcement of Implementation. As the name denotes the goods and service tax is integrated in GST for setoff benefit of Input tax credit.

Central Goods and Service Tax will be levied in lieu of Customs duty, Central Excise Duty and Service Tax at Central level and SGST will be levied in lieu of Value Added Tax (VAT), Central Sales Tax (CST), Entertainment tax and Luxury tax. There is still no clarity on Octroi, Lottery taxes, Electricity duty, State Excise which may be continued to be charged separately.

In case of Central GST, following Taxes will be subsumed with CGST which are at presently levied separately on goods and services by Central government:

  • Central Excise Duty
  • Additional Excise Duty
  • The Excise Duty levied under Medicinal and toiletries preparation Act
  • Service Tax
  • Additional Custom Duty (CVD)
  • Special Additional Duty
  • Surcharge
  • Education Cess and Secondary and Higher Secondary education Cess

In case of State GST, following taxes will be subsumed with SGST; which are priestly levied on goods and services by State Governments :

  • VAT/ Sales Tax
  • Entertainment Tax
  • Luxury Tax
  • Tax on lottery
  • State Cess and Surcharge to the extend related to supply of goods and services.

The Small Taxpayer - The small taxpayers whose gross annual turnover is less than 1.5 Crore are exempted from CGST and SGST.

 

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