What is CST 2%?
CST – Form C Under CST regulations, tax liability on inter-state sales is 2% or the rate of tax for sale within State, whichever is lower, provided the sale is effected between a registered dealer and a registered purchasing dealer.
What is CST C form?
C form is an important and foremost common among dealers registered under CST Act 1956 engaged in interstate sales or purchases. Where from to get the C forms: The blank C forms are issued by the sales tax authorities to the purchasing dealer who has made interstate purchases on concessional rate of CST.
What is full of CST?
CST full form means Central Standard Time and stands behind 6 hours behind Coordinated Universal Time.
Which type of tax is GST?
Goods and Services Tax
What are the 4 types of tax?
Learn about 12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance …
Which tax are not included in GST?
Alcohol, petroleum, petroleum products, import duty, mandi tax, stamp duty, registry, road tax, vehicle tax, some entertainment (levied by local bodies) are some of the taxes that are still out of the framework of the GST.
Is Salt exempted from GST?
Example: Salt, grains, jaggery etc. Supplies are taxable but do not attract GST and for which ITC cannot be claimed. These supplies do not come under the purview of GST law. Example: Alcohol for human consumption, Petrol etc.
What happens if petrol is brought under GST?
If petroleum products are brought under the GST, 28% tax would be collected on them as that is the highest slab in the tax regime. If petroleum products are brought under the GST, it would result in a shortfall of Rs 2 lakh crore to Rs 2.5 lakh crore to both Centre and states.
Why is ATF not under GST?
When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities – crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) – were kept out of its purview given the revenue dependence of the central and state governments on this sector.
Why is there no GST on alcohol?
Alcohol was not brought under the purview of GST regime primarily due to two reasons: To ensure that the State Governments continue to have a strong inflow of revenue (other than what they get from GST). It’s estimated that taxes on liquor and beer fetch the state governments nearly INR 90,000 crores annually.
Is GST applied on electricity?
However, CGST department has stopped paying GST component on electricity and incidental charges from July 1, 2017 under the pretext that GST is not applicable in terms of Rule 33 of the CGST Rules, 2017 on such electricity charges even though such charges are clearly incidental expenses in respect of supply of service …
Is GST applicable on beer?
No GST on Beer & Liquor GST is not applicable for purchase of beer or liquor in India. However, the State Governments shall continue to levy VAT and excise duty on liquor and beer.