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QUESTION- WHAT ARE THE FEATURES OF GST.
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QUESTION- WHAT ARE THE FEATURES OF GST.
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1. Taxes covered: Most of the important indirect taxes of the centre and states are integrated under the GST. The most important tax of the central government (in terms of tax revenue collection) -the Central Value Added Tax (or Union Excise Duty), Additional Customs Duty (CVD), Special Additional Duty of Customs (SAD), Central Sales Tax (levied by the Centre and collected by the States, the fastest growing tax revenue of the centre – Service Tax, the most important tax revenue of the states – the state VAT (Sales tax) are now merged into a single tax under the Goods and Service Tax.
There are three important indirect taxes for the centre – the union excise duties, service tax and customs duties. Of these, the central excise duties and service taxes are brought under the GST. Customs duties as a tax on trade was not merged with the GST.
States have two important indirect taxes – sales tax and state excise duties. Of these two, only the sales tax is merged with the GST.
Along with these four big taxes of the centre and states, several other low revenue incurring taxes are also brought under the GST.