BayofBasics

People call this ITC : Input Tax Credit

Central Indirect Taxes & Levies Central Excise Duty Additional Excise Duties Excise Duty levied under the Medicinal Preparations (Excise Duties) Act, 1955 Service Tax Additional Customs Duty (CVD) Special Additional Duty of Customs Central Surcharge and Cess State Indirect Taxes & Levies VAT / Sales Tax Entertainment tax (other than the tax levied by local bodies) Central Sales Tax Octroi and Entry Tax Purchase Tax Luxury Tax Taxes on Lottery Betting and Gambling State Cesses and Surcharges

GST India – Goods & Service Tax  Goods and Service Tax is being glorified as a system of taxation by which economy will take an upward swing and further it will ease the trade and industry with respect to the indirect tax system of the country. “Only one” indirect tax has to be paid by the trade and industry and all the other indirect taxes will be subsumed in GST. What is GST? GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, GST has become a global standard. The propo...