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The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST). CBIC's function also extends to prevention of smuggling, illicit financial activities, and regulation and control of narcotics through its attached/subordinate offices.
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
In 2010, like the Federal Estate Tax, the generation-skipping transfer tax was briefly repealed. In that year, the GST tax rate was effectively zero. [9] However, the law that created increased exemptions and the ultimate repeal of the GST tax expired on December 31, 2010. [10] In 2016, the exemption was $5.45 million per person.
Place land reform acts and amendments to these act under Schedule 9 of the constitution. Fakhruddin Ali Ahmed: 35th: Amend articles 80 and 81. Insert article 2A. Insert schedule 10. [42] 1 March 1975 Terms and Conditions for the Incorporation of Sikkim into the Union of India. 36th: Amend articles 80 and 81. Insert article 371F. Remove article 2A.
A Finance Act is the fiscal legislation enacted by the Indian Parliament to give effect to the financial proposals of the Central Government.It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs.
Mental Health Care Act: 2017: 10 Central Goods and Services Tax Act: 2017: 12 Integrated Goods and Services Tax Act: 2017: 13 Union Territory Goods and Services Tax Act: 2017: 14 Goods and Services Tax (Compensation to States) Act: 2017: 15 Human Immunodeficiency Virus and Acquired Immune Deficiency Syndrome (Prevention and Control) Act: 2017: 16
DVAT 2004 as amended by DVAT 2005 and DVAT Rules 2005 came into force w.e.f. 1 April.,2005. It repealed Delhi Sales Tax Act 1975, Delhi Sales Tax on Works Contract Act, 1999, Delhi Sales Tax on Transfer to Right to use Goods Act 2002 and Delhi Tax on Entry of Motors Vehicles into Local Areas Act 1994. [3]