Today;s Topic is :- 101st Constitutional Amendment Act, 2016 (GST) | By GST Ki Pathshala -----------------------------------------------------------------------------------------------------------
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INTRODUCTION OF GST :-
PART 1 -
MODEL OF GST -
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Today we will Discuss About Overview of Gst . It includes Following Concepts
Present Scenario Before the Implementation of GST
Service tax
This tax is levied by entities for rendering services like consulting, legal, and other such services. This tax is collected from the service recipients and paid to the Central Government. From 1st June 2016,service tax service tax was 14% with Swacch Bharat Cess (0.5%) and Krishi Kalyan Cess (0.5%) bringing up the applicable rate to 15%. Small service providers with an income of less than INR 10 lakh per annum are exempted from paying this tax.
Excise duty
This duty is applicable on all goods that are manufactured in India. This indirect tax is payable by the manufacturers and often passed on to the customers. This indirect tax in India is levied by the Central Government and works according to the provisions of the Central Excise Act, 1944.
VAT
Value Added Tax (VAT) is imposed on the sale of movable goods in the nation. VAT is levied at all stages of the production and distribution channel that include an instance of value addition. This tax is levied by the State Governments under Entry 54 of the State List.
Customs duty
It is one of those indirect taxes that are applicable for bringing imported goods into the country. In certain instance, this duty may also be levied on exported goods. The Customs Act, 1962 provides regulations on the levy and collection of this duty, import and export procedures, penalties, prohibitions, and offence.
Securities Transaction Tax (STT)
This indirect tax is imposed when stocks are sold or purchased through any Indian stock exchange. STT was introduced in 2004 and is applicable to shares, mutual funds, and future and options transactions. STT was imposed to reduce the short-term capital gains tax and eliminate long-term capital gains tax.
Stamp duty
This is an indirect tax charged by state governments on the transfer of immovable property within their jurisdiction. In addition, stamp duty is mandatory on all types of legal documents. Its rates vary from one state to another.
Entertainment tax
The state governments charge such tax on every transaction related to entertainment. Some examples are movie tickets, video game arcades, stage shows, exhibitions, amusement parks, and sports-related activities.
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