Kindly do correct in following flow for my better understanding of GST.
Current Liabilities born by From 01.04.2017 born by
Direct Taxes Direct Taxes
Capital Gain Tax Central Govt Capital Gain Tax Central Govt
Corporate Tax Central Govt Corporate Tax Central Govt
Income Tax Central Govt Income Tax Centra Govt
Wealth Tax Central Govt Wealth Tax Central Govt
Indirect Taxes Indirect Taxes
Central Excise Duty Central Govt CGST+SGST Central & State Govt
Service Tax Central Govt CGST+SGST Central & State Govt
Value Added Tax State Govt CGST+SGST Central & State Govt
Other Indirect Tax Other Indirect Tax
Entetainment Tax State Govt CGST+SGST Central & State Govt
Entry Tax State Govt IGST State Govt
Luxury Tax State Govt CGST+SGST Central & State Govt
Motor Vehicle Tax State Govt Motor Vehicle Tax State Govt
Professional Tax State Govt Professional Tax State Govt
Property Tax Local Govt Property Tax Local Govt
Stamp Duty State Govt Stamp Duty State Govt
Direct Expences Direct Expences
Import Duty Central Govt CGST+SGST Central & State Govt
Octoi Local Govt CGST+SGST Central & State Govt
Toll Tax Central & State Govt Toll Tax Central & State Govt
So,
Following Indirect Taxes are going to replace by ONE INDIA TAX i.e. CGST, IGST & SGST,
Central Excise Duty
Service Tax
Value Added Tax
Following Other Indirect Taxes are going to replace by ONE INDIA TAX i.e. CGST, IGST & SGST, Entetainment Tax
Entry Tax
Luxury Tax
Following Direct Expences are going to replace by ONE INDIA TAX i.e. CGST, IGST & SGST,
Import Duty
Octoi
And,
Following Other Indirect Taxes have not change,
Motor Vehicle Tax
Professional Tax
Property Tax
Stamp Duty
Kindly do correction in above flow, for my better understanding.
CAclubindia
