What is GST bill in india?
GST stands for Goods and Service Tax. It is an indirect tax on manufacture, sale and consumption of goods and services at national and state level. It is introduced to replace multiple indirect taxes and services like State VAT, central Sales Tax, Entertainment and amusement Tax, Entry Tax, Purchase Tax, Luxury Tax, Tax on Betting, Lottery and gambling by the Indian state and central government.GST is consumption based tax, it means that the state in which final sale to consumer is made to entitled to get the tax. GST is applicable to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas.
What are the individual taxes which are replaced by GST?
GST would replace following taxes
a) Taxes currently levied and collected by Central Government
• Central Excise duty
• Duties of Excise - medicinal & toilet preparation
• Additional Duties of Excise - Goods of Special Importance
• Additional Duties of Excise – Textiles & Textile products
• Additional Duties of Customs (CVD)
• Special Additional Duties of Customs (SAD)
• Service Tax
• Central surcharges and cesses so far as they related to supply of goods and services
b) Taxes currently levied and collected by State Government
• State VAT
• Central Sales Tax
• Luxury Tax
• Entry Tax
• Entertainment and Amusement Tax
• Taxes on Advertisement
• Purchase Tax
• Taxes on lotteries, betting and gambling
• State surcharges and cesses as they related to supply of goods and services