Vat was an indirect tax introduced to replace general sales tax in India in 2005. Under Vat regime tax was levied on value addition at each stage of production and distribution before reaching the final consumer.
Sales tax is a tax imposed on the sale and purchase of goods within the state. Each state has its own sales tax law. Sales tax is charged at the levels of Legislation, Central and State.
Service tax in India used to be a type of indirect tax charged on the services provided by a service provider. The Place of Provision Rules 2012 and the Point of Taxation Rules 2011 were considered while determining the tax liability.
It used to be levied on various forms of commercial entertainment such as movie tickets, exhibitions, sport events and more. It was a form of indirect tax, which is levied on the buyer.
Octroi was a tax levied by the local municipality in India when the product entered the state.
Direct taxes in India are regulated by the Income Tax Act, 1961 and Wealth Tax Act, 1957. The Central Board of Direct Taxes (CBDT) administers direct taxation in India. Income tax is levied on the income of an individual, business entity, trusts, etc. Its levy and charge is governed by the Income Tax Act, 1961.
Prior to the introduction of GST in India, Value Added Tax regime was in force in India. It suffered from many deficiencies such as
By amalgamating a large number of Central and State taxes into a single Tax GST has emerged out as biggest taxation reform in the economy post independence.
Being an indirect tax GST is inclusive in the MRP of goods purchased or fee of service paid by a person. GST is a comprehensive tax structure covering both goods and services viz. Goods and Services tax (GST). Simultaneous introduction of GST at both Centre and State levels has integrated taxes on goods and services for the purpose of set-off and ensure that the cascading effect of taxes is resorted to. Especially in cases of earlier existed
|S No||Language||GST full form in Various Languages|
|1||GST full form in Hindi||वस्तु एवं सेवा कर|
|2||GST full form in Marathi||वस्तू आणि सेवा कर|
|3||GST full form in Gujrati||માલ અને સેવાઓ કર|
|4||GST full form in Punjabi||ਗੁਡਸ ਅਤੇ ਸਰਵਿਸਿਜ਼ ਟੈਕਸ|
|5||GST full form in Malayalam||വസ്തുക്കളും സേവന നികുതിയും|
|6||GST full form in Bengali||পণ্য ও সেবা কর|
|7||GST full form in Kannad||ಸರಕು ಮತ್ತು ಸೇವೆಗಳ ತೆರಿಗೆ|
|8||GST full form in Telegu||వస్తువులు మరియు సేవ పన్ను|
|9||GST full form in Tamil||பொருட்கள் மற்றும் சேவைகள் வரி|
|10||GST full form in Sindhi||سامان ۽ خدمت ٽيڪس|
|11||GST full form in Urdu||سامان اور سروس ٹیکس|
|12||GST full form in Nepali||सामान र सेवा कर|
|13||GST full form in Arabic||ضريبة السلع والخدمات|
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