Important GST Definitions.
Section 2 of the CGST Act, 2017 contains the definitions of various terms used at several
places in the GST Act.
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GST was first levied by France in 1954.
GST is a destination based tax
GST is technically paid by suppliers but it is actually funded by consumers
GST is collected through a staged process i.e. a tax on the value added to goods or
services at every point in the supply chain
Under GST, input tax credit is provided throughout the value chain for creditable
acquisition.
GST is one of the biggest taxation reforms in India aiming to integrate State economies
and boost overall growth by creating a single, unified Indian market to make the
economy stronger.
Taxes which have been subsumed under GST are as follows:
Central taxes
Central Excise Duty
Duties of Excise (Medicinal and Toilet
Preparations)
Additional Duties of Excise (Goods of
Special Importance)
Additional Duties of Excise (Textiles and
Textile Products)
Additional Duties of Customs
(commonly known as CVD)
Special Additional Duty of Customs
(SAD)
Service Tax
Cesses and surcharges insofar as they
relate to supply of goods or services
State taxes
State VAT
Central Sales Tax
Purchase Tax
Luxury Tax
Entry Tax (All forms
Entertainment Tax (except those
levied by the local bodies)
Taxes on advertisements
Taxes on lotteries, betting and
gambling
State cesses and surcharges
insofar as they relate to supply of
goods or services
GST Council
GST Council is the main decision-making body that has been formed to finalize the
design of GST
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