GST in India

0 comments Thursday, August 27, 2009
GST i.e. Goods and Service Tax will be applicable in India from 01-04-2010 onwards replacing existing system of VAT, service tax, excise and other indirect taxes. There was a debate whether a single GST or a dual GST will be more feasible and doable in India in the present taxation scenario. But In this regard, the announcement that was made sometime ago by the Empowered Committee of State Finance Ministers was that it had accepted the recommendation of the Working Group that there should be a dual GST applicable.

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Individuals and HUFs

In case of individual (other than II and III below) and HUF:-
Income LevelIncome Tax Rate
i. Where the total income does not exceed Rs.1,50,000/-. NIL
ii. Where the total income exceeds Rs.1,50,000/- but does not exceed Rs.3,00,000/-. 10% of amount by which the total income exceeds Rs. 1,50,000/-
iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. Rs. 15,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv. Where the total income exceeds Rs.5,00,000/-. Rs. 55,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.
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