In India, The Goods and Services Tax (GST) is an indirect tax that has supplanted many taxes and levies. The GST regime has significantly changed the taxation system, simplifying the taxation process and reducing the burden of multiple taxes. However, many taxpayers still need clarification about which taxes have been subsumed under the GST regime. Let's have a closer look at this.
The taxes subsumed in GST are:
GST has revolutionised the Indian tax system by subsuming multiple indirect taxes, making it more straightforward and transparent. Understanding the taxes subsumed in GST is essential for taxpayers to comply with the law and avoid penalties. The taxes subsumed in GST include Central Excise Duty, Service Tax, VAT, and several other taxes. However, direct taxes such as income tax, customs duty on imports and taxes on petroleum products are not subsumed in GST.
In India, the following indirect taxes have been merged into the Goods and Services Tax (GST):
The two taxes that are not subsumed in the GST in India are:
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