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Roll Out of GST – 1st July

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Roll Out of GST – 1st July
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GST means Goods & Service tax.GST will simplify and harmonise the indirect tax regime in the country. It is expected to reduce the cost of production, thereby making the indian trade industry more competitive, domestically as well as internationally.
All the state level,the following taxes are being subsumed in GST:
• State Value Added Tax/Sales Tax,

• Central Sales Tax (levied by the Centre and collected by the States),

• Entertainment Tax (other than the tax levied by the local bodies),

• Octroi and Entry tax,

• Purchase Tax,

• Luxury tax, and

• Taxes on lottery, betting and gambling.

• State cesses and surcharges in so far as they relate to supply of goods and services.

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