Topic Name – What principles were adopted for subsuming the above taxes under GST The various Central, State and Local levies were examined to identify their possibility of being subsumed under GST. While identifying, the following principles were kept in mind: (i) Taxes or levies to be subsumed should be primarily in the nature […]
Read MoreTopic Name – Which of the existing taxes are proposed to be subsumed under GST The GST would replace the following taxes- Taxes currently levied and collected by the Centre: a. Central Excise duty b. Duties of Excise (Medicinal and Toilet Preparations) c. Additional Duties of Excise (Goods of Special Importance) d. Additional Duties […]
Read MoreTopic Name – What exactly is the concept of destination based tax on consumption The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply. For Example . Mr. A is a supplier of goods registered in the State of Jharkhand […]
Read MoreTopic Name – What is Goods and Services Tax (GST) It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value […]
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