GOODS AND SERVICE TAX
- 09:36
- by
- AVINASH SHARMA
What is GST?
- GST stands for Goods and Service Tax.
- It is an Indirect tax replace taxes levied by Central goverment and State Goverment.
- Following taxes bouded together by GST
- Central Exercise Duty
- Service Tax
- Value Added Tax (VAT)
- Food Tax
- Central Sales Tax (CST)
- Octroi
- Entertainment Tax
- Entry Tax
- Purchase Tax
- Luxury Tax
- Advertisement taxes
- Taxes applicable on lotteries
- GST is levied on all transactions such as sale, transfer, barter, lease, or import of goods and/or services.
- India Adopt Dual GST model i.e GST is administered by the Central and State Goverment both.
- GST has three Part CGST, SGST, IGST.
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