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Which of the following taxes are subsumed within the Goods and Service Tax (GST)?
- Central Excise Duty
- Stamp Duty
- Octroi Tax
- Luxury Tax
Select the correct answer using the code given below.
- a)1 and 2 only
- b)1, 3 and 4 only
- c)1, 2 and 4 only
- d)2, 3 and 4 only 6
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following taxes are subsumed within the Goods and Service...
- Goods and Services Tax (GST) refers to the single unified tax created by amalgamating a large number of Central and State taxes presently applicable in India.
- The 101st Constitution Amendment Act of September 2016 made in this regard, inserted a definition of GST in Article 366 of the constitution by inserting a sub-clause 12A. As per that, GST means any tax on supply of goods, or services, or both, except taxes on supply of the alcoholic liquor for human consumption. And here, services are defined to mean anything other than goods.
- GST replaced the following taxes levied and collected by the Centre: Central Excise duty, Excise Duty levied under the Medicinal and Toilet Preparations (Excise Duties) Act 1955. Additional Excise Duties (Goods of Special Importance), Additional Excise Duties (Textiles and Textile Products). Additional Customs Duty (commonly known as Countervailing duties or CVD). Special Additional Duty of Customs (SAD). Service Tax. Cesses and Surcharges in so far as they relate to the supply of goods and services. Taxes on the sale or purchase of newspapers and on advertisements published therein.
- State taxes that are subsumed within the GST are: State VAT/ Sales Tax, Central Sales Tax (levied by the Center and collected by the States). Luxury Tax-Octroi Tax-Entry Tax i.e, taxes on the entry of goods into a local area for consumption, use or sale therein. (other than those in lieu of octroi). Purchase Tax Entertainment Tax which is not levied by the local bodies; i.e. panchayats, municipalities and District councils of autonomous districts can impose taxes on entertainment and amusements. Taxes on general advertisements, Taxes on lotteries, betting and gambling. State cesses and surcharges insofar as they relate to supply of the goods or services.
- GST does not subsume Stamp Duty and Basic Custom Duty
- Basic custom duty is the duty imposed on the value of the goods at a specific rate. The duty is fixed at a specified rate of ad-valorem basis. Other Customs duties like Countervailing Duty (CVD) and Special Additional Duty (SAD) is subsumed under GST.
Hence option (b) is the correct answer.
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Which of the following taxes are subsumed within the Goods and Service...
Subsumed taxes within Goods and Service Tax (GST)
The Goods and Service Tax (GST) is a comprehensive indirect tax on the manufacturing, sale, and consumption of goods and services throughout India. It has replaced several indirect taxes previously levied by the Central and State Governments. The following taxes are subsumed within the GST:
1. Central Excise Duty: It is an indirect tax imposed on goods manufactured in India. The GST has replaced this tax.
2. Luxury Tax: It is a state tax levied on luxury items such as high-end cars, yachts, and expensive watches. The GST has replaced this tax.
3. Octroi Tax: It is a tax levied by the local municipal authorities on goods entering their jurisdiction. The GST has replaced this tax.
4. Entertainment Tax: It is a tax levied on the exhibition of movies, shows, and other forms of entertainment. The GST has replaced this tax.
Therefore, the correct answer is option B, which includes Central Excise Duty, Octroi Tax, and Luxury Tax.
The Goods and Service Tax (GST) is a comprehensive indirect tax on the manufacturing, sale, and consumption of goods and services throughout India. It has replaced several indirect taxes previously levied by the Central and State Governments. The following taxes are subsumed within the GST:
1. Central Excise Duty: It is an indirect tax imposed on goods manufactured in India. The GST has replaced this tax.
2. Luxury Tax: It is a state tax levied on luxury items such as high-end cars, yachts, and expensive watches. The GST has replaced this tax.
3. Octroi Tax: It is a tax levied by the local municipal authorities on goods entering their jurisdiction. The GST has replaced this tax.
4. Entertainment Tax: It is a tax levied on the exhibition of movies, shows, and other forms of entertainment. The GST has replaced this tax.
Therefore, the correct answer is option B, which includes Central Excise Duty, Octroi Tax, and Luxury Tax.
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Which of the following taxes are subsumed within the Goods and Service Tax (GST)? Central Excise Duty Stamp Duty Octroi Tax Luxury TaxSelect the correct answer using the code given below.a)1 and 2 onlyb)1, 3 and 4 onlyc)1, 2 and 4 onlyd)2, 3 and 4 only 6Correct answer is option 'B'. Can you explain this answer?
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