GST Benefits .pdf
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Different Types of Indirect Taxes Included
in GST and Its Benefits
A lot of taxes have accumulated in the ambit
of Goods and service tax which has been
termed the most ambitious tax regime
and holds the capability to fuel the
economy of the nation.
The main purpose of the GST is to curb various taxes levied currently
on goods and service across states and to rebuilt in ‘one tax one
nation’ mode. Here we will talk about the indirect taxes that will be
included in GST and its benefits in the GST regime.
THE CAIN PROJECT
Example of GST under SGST and CGST
Central GST(CGST) Taxes:
Additional Customs Duty, commonly known as Countervailing Duty (CVD)
Central Excise Duty (CENVAT)
The Excise Duty levied under the Medicinal and Toiletries Preparations
(Excise Duties) Act 1955
Additional Excise Duties
Special Additional Duty of Customs 4% (SAD)
State GST(SGST) Taxes:
Octroi and Entry Tax
VAT / Sales tax
Entertainment tax (unless it is levied by the local bodies)
Taxes on lottery, betting, and gambling
State Cesses and Surcharges in so far as they relate to supply of goods
Taxes Which are not Included in GST:
Basic Customs Duty
Road & Passenger Tax
Benefits of GST:
# Single Tax Rate
# Reduce cascading effect
# Control tax evasion
Download GST App on Both Platform