Sage-Tips

Which taxes eliminated after implementation of GST?

Taxes Not Covered by GST

• Property Tax & Stamp Duty.
• Electricity Duty.
• Excise Duty on Alcohol.
• Basic Custom Duty.
• Petroleum crude, Diesel, Petrol, ATF & Natural Gas.

Which taxes are out of GST?

The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. Other levies which were applicable on inter-state transportation of goods have also been done away with in GST regime.

How GST is different from other taxes?

Under GST, all the central and state taxes will be subsumed and a single tax will be levied on all commodities and services apart from motor spirit, petroleum, natural gas and high-speed diesel. Under VAT, tax will be levied at the place where goods are manufactured or sold, or the place at which services are rendered.

How many taxes are merged in GST?

Govt backs merger of 2 tax slabs in GST. The central government is in favour of merging the goods and services tax (GST) rates of 12\% and 18\% into a single slab, a top finance ministry official said, acceding to a demand first made by some states and endorsed by the Fifteenth Finance Commission (FFC).

Which of the following state taxes are not included in GST?

Alcohol, petroleum, petroleum products, import duty, mandi tax, stamp duty, registry, road tax, vehicle tax, some entertainment (levied by local bodies) are some of the taxes that are still out of the framework of the GST.

Which of the following state tax is replaced by GST?

After July 1 excise, octroi, sales tax, CENVAT, Service tax, turnover tax, etc. are not applicable. Now all these taxes fall under GST.

How much tax do I pay before GST?

Differences between GST and Previous Tax Structure

Parameter	VAT	GST
Central Sales Tax	Under VAT, CST is charged at a concessional rate of 2\% so far as inter-state transfers are concerned against C-Forms. The full rate applicable otherwise ranges from 5\% to 14.5\%.	Under GST, the Integrated GST subsumes CST.

How many indirect taxes does GST replace?

On 1st July 2017, the Government of India introduced the Goods and Services Tax (GST), which consolidates all indirect taxes levied on goods and services. With basic GST slabs of 5\%, 12\%, 18\%, and 28\%, it simplifies taxation.

Can a salaried person apply for GST?

A. No, ITC cannot be claimed by a salaried professional unless and until you are a dealer. If the said salaried person is also a company owner, they’ll be granted the GST credit paid against the output tax liability.

How to apply for cancellation of registration under GST?

Rule 20 of the CGST Rules provides that the taxpayer applying for cancellation of registration shall submit the application in FORM GST REG-16 on the common portal within a period of 30 days of the „occurrence of the event warranting the cancellation‟.

How to claim excess payment of tax under GST?

The tax liability shall be adjusted in the return subject to conditions of section 34 of the CGST Act. However, in cases where there is no output liability against which a credit note can be adjusted, registered persons may proceed to file a claim under “Excess payment of tax, if any” through FORM GST RFD-01.

How to file a GST refund claim under Section 34?

The tax liability shall be adjusted in the return subject to conditions of section 34 of the CGST Act. There is no need to file a separate refund claim. which a credit note can be adjusted, registered persons may proceed to file a claim under “Excess payment of tax, if any”through FORM GST RFD-01.

What is issue-2 in GST?

Issue-2: An advance is received by a supplier for a Service contract which subsequently got cancelled. The supplier has issued the invoice before supply of service and paid the GST thereon. Solution: First thing, circular is discussing a situation where supplier has issued Invoice before supply of service.