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GST - Introduction

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notes

Teacher : Dear students, in our country which tax system is in practice for business ?

Ayush : GST system is in practice.

Teacher : Very good ! What do you know about GST ?

Ayan : GST stands for Goods and Service Tax.

Aisha : Yes, the whole country follows the same tax levy system.

Teacher : Correct, before GST every state had variety of taxes levied at different

stages of trading. Observe the picture given below and tell which taxes existed before GST and are now subsumed in GST ?

Shafik : Taxes that existed before were Excise Duty, Custom Duty, VAT,Entertainment tax, Central sales tax, Service tax, Octroi etc.

Teacher : All these taxes are subsumed under GST, that is why GST is One nation,One tax, One market. GST is in effect from 1st of July 2017.

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