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Tax
A feecharged("levied") by agovernmenton
aproduct,income, oractivity.
If tax is levieddirectlyonpersonalorcorporateincome,
then it is adirect tax.
If tax is levied on thepriceof a good or service, then it is
called anindirect tax.
The purpose oftaxationis tofinancegovernment
expenditure.
One of the most importantusesoftaxesis to
financepublic goods andservices, such as street lighting
and street cleaning.
Sales Tax
Under sales tax, tax is levied on every sale made.
For example if a dealer (say A) sold goods to another dealer
(say B) he collects local sales tax from such dealer which is
normally included in his sale price.If dealer B again sells
goods to another dealer (say C) he again collects tax on
sales made by him.The tax levied by dealer B shall be on
his sale price i.e (his purchase price + profit ). As his
purchase price already includes tax paid by him,sales tax
includes tax on tax already paid i.e it is repetetive in
nature.
Under VAT (value added tax) the tax is on sales made by
any dealer levied only on value added at each selling
point.so it is not repetetive in nature.
Dual GST
CGST,SGST
VAT Vs GST
VAT is value added tax (on products).
GST (Goods and Services Tax) is like
VAT but applies to Services also
(apart from products).
In India, we have VAT and Service
Tax. Whereas in many countries you
have only GST that applies to both
products and services.
History
In 2000, theVajpayee Governmentstarted discussion on
GST by setting up an empowered committee.
An announcement was made byPalaniappan Chidambaram,
the Union Finance Minister, during the central budget of
20072008 that it would be introduced from April 1, 2010.
After this announcement, the Empowered Committee of
State Finance Ministers decided to set up a Joint Working
Group on May 10, 2007, with the Adviser to the Union
Finance Minister and the Member-Secretary of Empowered
Committee as co-convenors and the concerned Joint
Secretaries of the Department of Revenue of Union Finance
Ministry and all Finance Secretaries of the states as its
members.
http://www.investorwords.com/4879/tax.html#ixzz3UdtRRLpa
http
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ry-(Report-of-Task-Force-on-Implementation-of-GST)&
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http://gstindia.com/
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rt_gs&type=2button&p=what%20is%20GST%20in%20india
http://www.quora.com/What-is-the-difference-between-a-GST-and-aVAT
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