GST replaces which taxes? Before the introduction ofGST, there were multiple taxes, such as the service tax, central excise, and state value-added tax (VAT). However, GST is just one tax with three categories—IGST, SGST, and CGST—that depend on whether the performed transaction is intras...
Lower GST on gold and jewellery which should be kept high. Still, many items like electricity, real estate, alcohol, petrol are out of the GST ambit. States are facing a revenue loss as VAT constituted the highest percentage of revenue for the states which is now subsumed under the GST. ...
However, the introduction ofGSTbrought about a major amendment – which gave powers to both Centre and State to levy taxes on the supply and consumption of goods and services. This was the prime basis on which all the indirect taxes were subsumed under one tax i.e. GST. However, in keepi...
Revenue from all taxes collected by Government is kept at Consolidated Funds of India(CFI) that can be used for any purpose, unlike cess which is credited to CFI but is used only for the purpose for which it was raised. For example, the proceeds are kept as Central Road Fund (CRF) as...