GST main objective is to is to consolidate all indirect tax levies into a single tax. Now my question is
IS GST Single tax rate include Custom or Not ?? because i saw in ICAI Background Material there is a line
" Its main objective is to consolidates all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration."
So i want to Confirm.
GST or Goods and Service Tax theme is based on the
"produced or generated / provided within the territory of india" so all applicable taxes are covered which are applied within territory of india,
however the customs is levied on import, and the goods are not produced within the territory of india, hence customs + SAD would not be part of GST, however the CVD should be included
wait for final draft bill
No. Customs will remain as it is.
PARV & Co.
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CA Inter
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Anupam Parashar & Co.
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