Taxes which are replaced by GST
On 1st July 2017, the government of India announced the implementation of GST in India. It was a big move, as it marked a significant indirect tax reform in the country by blending all indirect tax levied on goods and services. GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. Most of the complex indirect system problems have also been eased by GST with a simple, transparent and technology-driven tax regime and has thus integrated India into a single common market. Further, Tax arbitrage across states that distorted business investment decisions has also been eliminated by the implementation of GST. The present CGST replaced the earlier existing tax like service tax, excise, etc. whereas SGST replaced the earlier existing tax like sales tax, luxury tax, entry tax, etc. IGST is a combined form of CGST and SGST and had replaced earlier existing CST, CVD and SAD etc.. Taxes that were replaced by the GST The implementation of the Goods and Services Tax (GST...