Explain any four features of GST.
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The salient features of GST are as under:
- GST would be applicable on sale of goods and services as against the present concept of tax on the manufacture of goods. GST would be destination based tax as against the present concept of origin based tax.
- It would be a dual GST: The GST levied by the Centre would be called Central GST (CGST) and that to be levied by the states would be called State GST (SGST). An Integrated GST (IGST) would be levied on inter-state supply of goods or services. This would be collected by the centre.
- GST would replace the following taxes currently levied and collected by the centre:
- Central Excise Duty (including additional Duties of Excise).
- Service Tax CVD (levied on imports in lieu of Excise Duty).
- SACD (levied on imports in lieu of VAT).
- Central Sales Tax (CST).
- Excise Duty levied on Medicinal & Toiletries preparations.
- Surcharges and cess.
- State taxes that would be subsumed within GST are:
- VAT/ Sales Tax.
- Entertainment Tax.
- Luxury Tax.
- Taxes on Lottery, betting and gambling.
- Surcharges & Cess.
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