TAXES TO BE SUBSUMED IN GST

Hi Readers,

 As we all know, a new tax regime Goods & Services Tax (GST) is expected to be implemented by Government w.e.f.1st July 2017, the objective of which is to subsume large number of taxes into ONE TAX to create ONE MARKET and ONE ECONOMY.

 So, let us learn about the various taxes which are going to be subsumed & which are out of GST regime.



GST may not subsume the following: 
  • Basic Customs Duty
  • Exports Duty
  • Road & Passenger Tax
  • Toll tax
  • Property Tax
  • Electricity Duty
  • Stamp Duty


Comments

Post a Comment

Popular Posts

Concept of GSP & ASP under GST...

Image
Hello Readers, Goods and Service Tax, a huge technology based regime is expected to be implemented by 1 st July, 2017. To make 80 Lakhs (approx.) existing Tax payers in complying with GST Provisions is Big Task or Challenge for the Government. To churn out these hurdles and to reach out maximum taxpayers, the Government has established GSP (GST Suvidha Provider) Eco system. This eco system majorly consists of Government, Tax Payers, GSP, GSTN and Application Service Provider (ASP). There is lot of confusion in between the words GST Suvidha Providers (GSP) & Application Service Providers (ASP) So, let’s learn about exact meaning of GSP and ASP, then in upcoming sessions I will post Role of GSP and their working mechanism at a later time. GST Suvidha Providers are approved by Government and currently there are 34 approved GSPs in our country. The list of approved GSPs can be viewed through this link - http://www.gstn.org/gsp-list/ But, any softwar...
Read more

GST Help line - Contact details

Hello Everyone, In migrating to new tax regime, many of Tax payers & GST Practitioners are facing many hurdles & problems, to help & mitigate such instances, government has come up with GST Seva Kendra. You can get contact details through GST Seva Kendra:   http://www.cbec.gov.in/resources//htdocs-cbec/gst/gsk-contactdtls.pdf Industrywise contact details: http://www.cbec.gov.in/resources//htdocs-cbec/gst/sectoral-working-gp-contactdtls-14june2017.pdf CBEC mitra help desk : 1800-1200-232 GSTN help desk : 0124-4688999 Regards Kumara Swamy A
Read more

Goods and Service Tax Network (GSTN) means.......?

Image
Hello Readers, In recent days, many of us heard about GSTN right.......? What exactly GSTN means........? Let us go into details: Background: Since GST System is majorly an IT compliance based tax. To  establish a uniform interface for the tax payer and a common and shared IT infrastructure between the Centre and States. To establish a robust settlement mechanism amongst States and Centre. A strong IT Infrastructure  viz., GSTN which enables capture, processing and exchange of information amongst the stakeholders (including tax payers, States and Central Governments, Accounting Offices, Banks and RBI) has been initiated by the Government.  The decision to structure GSTN in its current form was taken after approval of the Empowered Committee of State Finance Ministers and the Union Government after due deliberations over a long period of time. Structure: Goods and Service Tax Network ( GSTN) is Non  Profit Organisation, formed based on Public Private P...
Read more

list of documents for GST Registration..

Hello everyone, The registration for GST started on 25th June. Here's a List of documents required for GST Registration for INDIVIDUAL for your reference: “ALL DOCUMENTS IN ORIGINAL” 1. Passport Size Photo 2. Active E-mail ID 3. Current Mobile Number 4. PAN card of the Individual 5. Aadhar Card of the Individual 6. ID proof of the individual:        Passport/ Voter ID card/ Driving License. 7. Address proof of Office premises: (ANY 2)        Electricity Bill/ Landline Telephone bill,        Municipal Tax (Vera Bill) copy,        Rent/Lease agreement (in case premises are rented)        Consent letter (In case premises of relatives),        Any Certificate or Record from Government Dept, 8. Address proof of Residence of Individual: (ANY 2)         Electricity Bill/ Landline Telephone bill,         Municipa...
Read more

circular no. 2 &3

Cir c ular No. 2/2/201 7 - G ST F . No. 349/82/2017 - G ST G over n m e nt of I nd ia Ministry of F ina n ce D e partment of Rev e nue C e nt r al Board of E xcise and Custo m s G ST P olicy Wing N e w De lhi, D ated the 4 t h J u l y , 2017 To, The P rincipal Chief Com m issione r s/Chief C ommissione r s/Principal Com m is s ioners/ Com m is s ione r s of Centr a l T a x (All) Mad a m/Sir, S ub j ec t: Iss u es re lat e d t o f urni s hi n g o f B o nd/ Le t t er of Un d e r taking f o r Ex p ort s –Reg. V a rious communic a tions have be e n r e ce ived f r o m the fi e ld formations and e x porters on the issue of difficulties being f aced while supp l y i n g the g oods or servi ce s f o r e x port without pa y ment of in te gr a ted tax and f i l i ng the F ORM GST RFD -11 on t he common portal ( w w w . g st . g ov.in), bec a u se of which e x ports a r e b eing h el...
Read more