What changes GST 2017 is likely impose at present taxation system of India ?

GST : Goods and Service Tax, its a tax which is imposed on sale, manufacturing and usage of different goods and services.The purpose of imposing this tax is to achieve economic growth. At present Indian consumers have to pay different indirect taxes on goods and services like value added tax, custom duty, excise duty under the current taxation system prevailing in the country.All these taxes are directly applicable on traders which are passed down to consumers. The dual GST which is going to be implemented will definitely subsume many consumption taxes.The aim of introducing it in to present taxation system is to remove multiplicity of taxes and effect of tax cascading.This inclusion of different taxes and levies will permit the free flow of tax credits at central and state level both. rnPrinciples kept in mind while deciding which taxes will be included are discussed below : 1)Taxes or levies should be of indirect nature either on supply of goods or services.rn2)Taxes or levies which are not related to supply of good and services will not be included under GST.rn3)Inclusion of taxes should result in free flow of tax credit. rnCentral taxes which are going to be subsumed in GST are : All additional excise dutiesrnExcise duty charged on medicinal preparationsrnService TaxrnAll additional custom duties which is also know as countervailing dutyrnSAD: Special Additional Duty of Customs- 4%rnExcise duty charged in textile and textile related productsrnExcise duty charged on goods which are of special nature State taxes which are going to be subsumed in GST are :rnSales taxrnLuxury taxrnPurchase taxrnTaxes imposed on lottery and gamblingrnEntertainment tax rnTax on alcohol meant for consumption by human The new definition of GST says that it is a tax imposed on good or services except taxes on the supply of liquor meant for consumption by human.Therefore tax on supply of liquor will be excluded from GST and it will continue to be taxed exclusively. Tax on tobacco products Tax on tobacco will be subjected to GST however it may be possible that a separate duty is charged by the center. Tax on petroleum / diesel / natural gas / aviation fuel It is currently not clear whether these taxes will be subjected to GST or not and it will be notified on a future date they will be included or not.At present states will continue with their current laws and impose VAT on petrol, diesel, natural gas. The bill also states that these products may be subjected to excise duty which is imposed by the center. rnTax on newspaper and advertisement media This entire industry has been tax free in its entire history.GST would be levied on sale of newspaper thereby giving government access to incremental revenues. Following taxes are not likely to be subsumed by GST Property taxrnElectricity taxrnExport dutyrnToll tax These are few changes which GST is likely to introduce in present taxation system of India. Some believe these changes will be positive and some not. Recently various top brands are offering their products at discount as well under the name pre GST sale. This is true after its implementation prices of good and services will be affected, some may rise and some may fall. Indian stock market will also witness its impact on it.However traders and investors should not fear.They can continue to trade by hiring a financial advisor for giving advise on mcx tips , currency tips and trade in an efficient and risk free manner.