Taxes to be subsumed under GST in India
by Paras Mehra 2.46K
Introduction
Presently, there are various indirect tax laws functioning differently still not able to achieve the desired satisfaction. So many taxes create non-compliance, tax evasion and also it is difficult for the government authorities to administer. GST is set to remove this multiplicity of taxes.
Further, narrowing the impact of the multiplicity of taxes is not only desired but also imperative in the current economic scenario.
Here is the list of taxes which are going to be subsumed under GST:
1. Taxes currently being levied by Central Government:
- Central Excise Act, 1944.
- Service Tax, as levied by Finance Act, 1994.
- Additional Customs Duty (Basic Customs duty shall continue)
- Additional Excise Duty
2. Taxes currently being levied by State Government:
- State value added tax/sales tax.
- Central Sales Tax (levied by Centre collected by states).
- Entertainment tax
- Octroi and Entry Tax
- Purchase Tax and Luxury Tax
- Taxes on the lottery, betting and gambling.
Conclusion
To know more about the goods and services tax (GST), please subscribe to our monthly magazine.