cbec.gov.in GST-Goods & Services Tax Central & State Government Taxes Including List by Finance Ministry of India

  
  1. ATiwari

    ATiwari ClueMatrix India

    With the implementing of Goods & Service Tax (वस्तु एवं सेवा कर) in India, its GDP (सकल घरेलु उत्पाद) growth may be more than 8% in the medium term. In addition to facilitating better movement of goods and services, it will help in creating a single national market. IMF- International Monetary Fund (अंतरराष्ट्रीय मुद्रा कोष) said earlier. At the same time, the IMF has expressed concern about the implementation of GST.

    ⇑§⇑ India’s Economic Growth Rate May Exceed 8% By Implementing GST (Reported by IMF) ⇑§⇑
    The IMF has said in its annual report to India, “However, there are some uncertainties around the GST’s framework and its speed of execution. This adoption will help India’s GDP growth rate reach more than 8% in the medium term because it will create a Single National Market (एकल राष्ट्रीय बाजार) and the movements of goods and services will improve in the country”. The Monetary Fund (मुद्राकोष) said that more than expected from GST Advantages and further and structural reforms will strengthen the growth. At the same time, the continuous global energy prices (वैश्विक उर्जा की कीमतें) will be beneficial for India.

    According to the report, India’s tax revenues- the GDP Ration (राजस्व-जीडीपी) 17.5% is lower than other emerging markets. It should be implemented on a primary basis, considering the positive impact on GST growth. It has been said that there will be substantial improvement in the current Indirect Tax (अप्रत्यक्ष कर) system with GST. Also, tax reforms will continue, in which the company tax rate will be brought in 30% to 25% in four years in a phased manner. GST will cover mostly current indirect taxes, which included excise duty, sales, and service tax, which will make things easier. The Indian government is expecting to implement GST from July 1st.

    ⇑§⇑ Which Taxes are Being Included in GST at Center & State Level ⇑§⇑
    The following taxes are being included at the central level:
    • Central Excise
    • Service Tax
    • Additional Excise Duty
    • Additional Customs (which are generally known as counter welding duty)
    • Exclusive Customs Fee
    The following taxes are being included at the state level:
    • State Value Added Tax (VAT)/Sales Tax
    • Taxing and Entering
    • Luxury Tax
    • By Purchasing
    • Tax on Lottery, Speculative and Gambling
    • Entertainment Tax (Excluding taxes imposed by local bodies), Central Sales Tax (Applicable by center and recovered by the state)
    GST (वस्तु एवं सेवा कर) is an indirect tax for the entire country, which will make India an integrated common market. There is a single tax on supply of goods and services from GST manufacturer to consumer. The benefit of the input tax paid on each stage will be available in the later stage of value addition, which at one stage makes GST essentially one by one on value addition. Ultimate consumers thus have to bear the GST imposed by the final dealer in the supply chain. This will end all profits of the previous steps.

    The user, here we provided you the details about GST (Goods & Service Tax) e.g. what is GST, what's affect it's in Indian Economy, International Monetary Fund's Report, and which taxes are being included in GST etc. Thank for visiting Indian Readers (India's Most Popular Educational Forum). For more details, kindly visit the official website of Central Board of Excise and Customs, Department of Revenue (Ministry of Finance). The link is given below.
     
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