SINGLE NATIONAL TAXFrom July 1, GST will replace around a dozen central and state taxes into a single national tax. At the state level, the taxes that GST will subsume include state cesses and surcharges, luxury tax, state VAT, purchase tax, central sales tax, taxes on advertisements, entertainment tax, all forms of entry tax, and taxes on lotteries and betting. All the states have enacted their own State GST laws, except Jammu and Kashmir. The Union finance minister has urged the state to join the new indirect tax regime so as not to incur losses on taxation. The GST regime has been simplified with assessees being required only to enter the sales invoice, with the subsequent returns getting auto-populated on the the GST Network (GSTN).

Source: India Today June 30, 2017 07:18 UTC