What is SGST, CGST & IGST?
Goods & Service Tax or GST will be levied
on goods and services. It will replace all the various taxes and bring them
under one umbrella to make compliance easier. It will replace the following
taxes.
(i) Taxes currently Centre:
- Central Excise duty
- Additional Duties of
Customs (commonly known as CVD)
- Special Additional Duty
of Customs (SAD)
- Service Tax
(ii) Taxes currently State:
- State VAT
- Central Sales Tax
- Entertainment and Amusement Tax
(except when levied by the local bodies)
- Taxes on lotteries, betting and
gambling
Sachin Kr. Mishra
