Sunday 7 December 2014

Taxes which shall be replaced by GST


There is a talk of GST coming soon, and we all are happy about it as it shall substitute many taxes. But are we aware exactly which taxes shall go when GST comes?

New List of taxes as per 122nd Constitution Amendment Bill for GST.
  • Central Excise Duty
  • Additional excise duty, 
  • Excise Duty levied under the Medicinal and Toilet Preparations (Excise Duties)Act, 1955,
  • Service tax,
  • Additional customs duty (CVD),
  • Special additional duty of customs (SAD), 
  • VAT / State Sales Tax & Central Sales Tax  ,
  • Octroi and Entry Taxes,
  • Purchase Tax,
  • Entertainment tax (Other than levied by Local Bodies),
  • Luxury tax,
  • Taxes on lottery betting and gambling,
  • Central & State cesses and surcharges. 
Source : 122nd Constitution Amendment Bill for GST

As per the old design, the central and state taxes to be subsumed in GST were
  • Central excise duty,
  • Additional excise duty,
  • Service tax,
  • Additional customs duty (CVD),
  • Special additional duty of customs (SAD),
  • Surcharge,
  • Cess,
  • VAT/sales tax,
  • Entertainment tax,
  • Luxury tax,
  • Taxes on lottery betting and gambling,
  • Entry tax not in lieu of octroi,
  • State cesses and surcharges.


Source: Report submitted to the Empowered Committee of State Finance Ministers
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