What is GST?
GST is introduced to bring all the taxes under one regime. The combinations of the following taxes result in GST.
- Service tax
- Central Excise duty
- Custom duty
- VAT
- Central sales tax
- Luxury tax
- Entertainment and amusement tax
- Octroi
- Taxes on lotteries,betting, gambling
Hence all the taxes levied on manufacturing, trading, importing, exporting, consumption of goods and services are now known as GST. It has merged the central and state taxes. But GST has 3 parts.
Read More :- Difference between Voluntary and Mandatory GST Registration