Goods and Services Tax (GST) (Basic Information) | Taxes Subsumed in GST |

GST

• It stands for goods and services tax.
• It is a tax of Indirect nature.
• It is always imposed on the Supply of goods and services.

Supply Can be Interstate or Intrastate.

• Interstate supply is the supply within 2 or more states...in this case, IGST or UGST will be levied. It is levied by Central Govt.
• Intrastate supply is supply within the same state...in this case, CGST and SGST will be levied. It is Levied by Central and state Govt.

Taxes Subsumed in GST.

Central Taxes

• Central Excise Duty (CENVAT);
• Service Tax;
• Excise (On Medical and toilet Preparations);
• Additional Excise Duties (Goods of special importance);
• CVD;
• SAD;
• Additional duties of Excise (Textiles and Textile products);
• Cesses, surcharge (related to the supply of goods and services).

State Taxes

• State VAT;
• Central Sales Tax;
• Purchase Tax;
• Luxury Tax;
• Entry Tax (All forms);
• Entertainment Tax (Except those levied by the local body);
• Taxes on an advertisement;
• Taxes on lotteries, betting and gambling;
• State cesses and surcharge insofar as they relate to the supply of goods or services.

Items Not taxable under GST in India

• Crude petroleum
• Aviation Turbine Fuel
• Natural Gass
• Petrol
• High-Speed Deisel
• Tobacoo