BANKING AFFAIRS

Detailed explanation-1: -GST is referred as Goods and Services Tax. It is an indirect tax that was implemented to replace a variety of previous indirect taxes, including the value-added tax, service tax, purchase tax, excise duty, and others. GST is a tax that India imposes on the supply of specific products and services.

Detailed explanation-2: -Answer : The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India.

Detailed explanation-3: -The Goods and Services Tax (GST), which has replaced the Central and State indirect taxes such as VAT, excise duty and service tax, was implemented from 1st July 2017. In this article, you can understand the differences between VAT and GST and their implications.

Detailed explanation-4: -From all the discussions, we can see that there is no direct link between GST and income tax. So increasing in GST rates can not abolish income tax, and if we consider the statics then to abolish income tax will not be a great idea.

Detailed explanation-5: -GST is known as the Goods and Services Tax. It is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc.