What is GST ?

What is GST ?

The Goods and Services Tax was passed in the parliment on 29th March and came into effect from 01/07/2017. GST is a indirect tax it come  from  mixed sixteen indirect taxes like:

  1. Central Excise duty
  2. Additional duties of excise
  3. Duties o Excise ( Medicinal and Toilet Preparations’
  4. Service Tax
  5.  Additional Duties of Customs
  6. Additional Duties of Excise
  7. Special Additional Duties
  8.  Central surchages and Cesses
  9. Purchases Tax
  10. VAT
  11. Luxury Tax
  12. Central sales Tax
  13. Entry Tax
  14. Taxes on advertisement
  15. Taxes on lotteries
  16. Entertainment Tax

etc.

GST is short form of Goods and Servies Tax

When GST impose ?

When a prescribed goods and services move from one place to another place imopsed GST. In other words goods and Sercies Tax is leved on supply of goods. Goods and Services Tax is a destination based tax,that is levied on very value addition.

Conclusions 

Goods and Services Tax know as GST. GST is indirect Tax.When a prescribed goods and services move from one place to another place imopsed GST. In other words goods and Sercies Tax is leved on supply of goods. Goods and Services Tax is a destination based tax,that is levied on very value addition.

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