Sage-Tips

How many taxes were there before GST?

Tax Laws before GST. In the earlier indirect tax regime, there were many indirect taxes levied by both the state and the centre. States mainly collected taxes in the form of Value Added Tax (VAT). Every state had a different set of rules and regulations.

How much tax is collected every year in India?

The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs. 6,45,679 crore compared to Rs. 4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47\% over collections of FY 2020-21.

Is tax collection increased after GST?

Finance Minister Nirmala Sitharaman said in a tweet: “GST collection for October 2021 registered the second-highest since the implementation of GST Rs 1,30,127 crore gross GST revenue collected in October. Revenues… of October 2021 are 24\% higher than the GST revenues in the same month last year & 36\% over ’19-20.”

Which is the tax free state in India?

state of Sikkim
People living permanently in the state of Sikkim do not have to pay tax for their income whatever the income is since Sikkim is income tax-free state in India.

How is GST collected?

The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST. The GST portion is collected by the business or seller and forwarded to the government. It is also referred to as Value-Added Tax (VAT) in some countries.

What is GST tax rate?

GST on Loans and Advances. Earlier Service Tax was levied on Loans which has now been replaced by GST which would now be levied on loans. The rate of Service Tax was 15\% whereas the rate of GST is 18\% . Jul 1 2020

What are goods and Services Tax (GST)?

The goods and services tax (GST) is a tax on goods and services sold domestically for consumption.

The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller.

The GST is a common tax used by the majority of countries globally.

The GST is usually taxed as a single rate across a nation.

What is a GST exemption?

GST Exemption Based on Aggregate Turnover GST Exemption for Goods. A number of goods are not taxable under GST and the list of goods eligible for GST exemption is liable to change periodically. GST Exempt Supplies. The good is non-taxable under GST rules. Reasons for GST Exemption on Goods. Types of GST Exemption. Examples of GST Exempt Goods. GST Exempt Services.