WHAT IS GOODS AND SERVICES TAX ||GST||

                           


                                              As India is a federal republic, GST would be implemented concurrently by the central government and by state governments. A 21-member select committee was formed to look into the proposed GST law.

GST is expected to be applicable from 1 July 2017.


 
Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016. The GST is administered & governed by GST Council and its Chairman is Union Finance Minister of India
 TAXES UNDER GST :-

               At the Central level, the following taxes are being subsumed:
a. Central Excise Duty,
b. Additional Excise Duty,
c. Service Tax,
d. Additional Customs Duty commonly known as Countervailing
Duty, and
e. Special Additional Duty of Customs
.
                  At the State level, the following taxes are being subsumed:
a. Subsuming of State Value Added Tax/Sales Tax,
b. Entertainment Tax (other than the tax levied by the local bodies),
Central Sales Tax (levied by the Centre and collected by the
States),
c. Octroi and Entry tax,
d. Purchase Tax,

      
       


The Major Features of GST :-
-   Existing dealers: Existing VAT/Central excise/Service Tax
      payers will not have to apply afresh for registration under GST.
-  New dealers: Single application to be filed online for
        registration under GST.
-   The registration number will be PAN based and will serve the
        purpose for Centre and State.
-   Unified application to both tax authorities.
-    Each dealer to be given unique ID GSTIN.
-    Deemed approval within three days.

.