GST is a indirect tax applicable to whole India.
GST is a single tax applicable on goods and services right from manufacture to retailer who sell the goods to ultimate consumer. Over a period of time GST will develop good business opportunity for business opportunities for chartered accountants.
To eliminate prevailing multiplicity. complexity and ambiguity in the area of indirect tax, one single tax was required to be implemented. GST will replace indirect tax levies and proposed Acts are as under:
1. Custom Duty 2. Excise Duty 3. Corporation Tax 4. Service Tax 5. Central Sales Tax 6. Stamp Duty in respect of bill of exchange, cheque & promissory notes.
7. Sales Tax ( VAT) 8. Entry & Octroi Tax 9. Tolls Tax 10. Luxury Tax 11. Taxes on lands and building 12. Excise Duty on alcoholic liquor etc. 13. Stamp Duty in respect of documents
Under GST, GST & CGST would be levied simultaneously on the transaction of enterprises except on exempted goods and services. Important to note here both the tax CGST & SGST would be levied on same price/Cost unlike the VAT which is levied on value of goods inclusive of CST.