Rajyasabha passed the GST bill on 03/08/2016, with support from majority of the states. This new indirect tax logic unifies most or all of the different central and state duties levied currently. Below is a quick summary of the tax heads which are converging into GST (Goods and Services Tax).
Let us look at it a little bit in detail;
Central Government | State Government |
Central Excise Duty | State VAT |
Service Tax | Luxury tax |
Additional Customs Duty | Entry tax |
Other Central cess and surcharges | Lottery tax |
Taxes on betting | |
Entertainment tax | |
CST | |
Other surcharges |