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GOODS AND SERVICE TAX
SIMPLIFYING GST IMPLEMENTATION
Goods and Services Tax (GST) unifies indirect taxes across India, levied on value addition at each stage. It eliminates the cascading tax effect, with CGST and SGST for intra-state sales and IGST for inter-state sales. Despite its benefits, GST's complexity poses challenges. At Khurana & Khurana, we assist in proper GST implementation and compliance reviews.
CENTRAL (DUTIES AND TAXES) MERGED UNDER GST
Central Excise Duty (including Additional Excise Duty)
Central Excise is a duty imposed on the manufacturing of goods in India and the collection of this duty is done by the Central Board of Excise and Customs.
Service Tax
Service Tax is a tax that is levied by the government on the services provided and it is actually borne by the customers. It is an indirect tax, wherein the service provider collects the tax from the service receiver and pays to the Government.
Additional Customs Duty
It is a duty equivalent to Central Excise Duty which is imposed on manufacturing. It is calculated on the value base of goods including landing charges and basic customs duty (excluding anti-dumping duty, safeguarding duty, etc).
Special Additional Duty of Customs
It is payable at 4% on the goods imported and this is instead of VAT/ Sales Tax.
Central Surcharges and Cess
Surcharge is a charge on tax and as the name suggests, it is an additional charge and it is basically on personal income tax (on high-income slabs) and on corporate income tax. Cess is imposed by the central government and is levied for a specific purpose.
STATE (DUTIES AND TAXES) MERGED UNDER GST
Value Added Tax (VAT)
VAT is a state-level indirect tax on goods and services, applied at each production and distribution stage, ultimately borne by end-users.
Central Sales Tax
CST is an indirect tax on inter-state sales, levied centrally but administered by the state of origin.
Octroi & Entry Tax
Octroi is a tax which is charged by local authority say, Municipality and Entry Tax is charged by State.
Purchase Tax
Purchase tax is a tax that is imposed on the purchase of goods by the state government, and it is applied to a wide range of goods.
Luxury Tax
A Luxury Tax is levied on articles that are either expensive or optional
Taxes on lottery, betting and gambling
Tax which is imposed on Lottery winnings, Gambling and Betting calculated as Tax Deduction at Source and it is deducted from Income.
Entertainment Tax
Entertainment Tax is a tax levied by the government on things related to entertainment like movie tickets, commercial shows, etc.
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