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explained.
GST
Question 1.What is GST? How does it work?
Goods and Services Tax (GST) is an indirect tax for the whole nation which was introduced
in India on 1 July 2017 which will make India one unified common market. It will replace
multiple cascading taxes imposed by the state and central governments. It was introduced as
the Constitution (one hundred and first amendment) Act, 2016. The GST is governed by a
GST Council and its Chairman is the Finance Minister of India.
GST is a solo tax on the supply of goods and services, straight from the manufacturer to the
consumer.The ultimate consumer will thus bear only the GST charged by the last dealer in
the supply chain with set-off benefits at all the previous stages.
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Question 3. Which taxes at the Centre and State level are being subsumed into GST?
At the Central level, the following taxes are being subsumed:
1. Central Excise Duty,
2. Additional Excise Duty,
3. Service Tax,
4. Additional Customs Duty or Countervailing Duty, and
5. Special Additional Duty of Customs.
The following taxes are being subsumed at the state level:
1. Subsuming of State Value Added Tax/Sales Tax,
2. Central Sales Tax (levied by the Centre and collected by the States),Entertainment Tax
(other than the tax levied by the local bodies),
3. Octroi and Entry tax,
4. Purchase Tax,
5. Luxury tax, and
6. Taxes on lottery, betting, and gambling.
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