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If any one knows simply the meaning and usages of goods and service tax please reply me , because I don\'t know its relates to exercise or ales tax and in future what are the changes will comes in vat and service tax and what is the tax ratio for these gst?
From India, Chennai
Goods and Services Tax GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level.

Taxes to be subsumed under GST

Both the EC and the Task Force on GST have got same view regarding taxes to be subsumed under CGST whereas they differ on SGST.

The following central taxes should be subsumed in the CGST:

a) Central Excise Duty (including Additional Excise Duty)

b) Service tax

c) Additional Customs Duty (commonly referred as ‘CVD’)

d) Surcharges and all cesses.

The following state taxes should be subsumed in the SGST.

a) VAT / Sales tax (including CST)

b) Entertainment tax (other than levied by local bodies)

c) Entry tax no in lieu of Octroi

d) Other Taxes and Duties (includes Luxury tax, Taxes on lottery, betting and gambling, and all cesses and surcharges by states).

The Task Force has recommended for the subsumation of following other taxes levied by the states on goods and services:

a) Stamp duty

b) Taxes on vehicles

c) Taxes on Goods and Passengers

d) Taxes on duties on electricity.

It has also suggested that all entry and Octroi duties levied by the third-tier government should be abolished.

From India , Delhi
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