What is the proposed GST regime? Mention the State taxes and levies to be subsumed under GST.

The GST is a comprehensive destination based tax levy on manufacture, sale and consumption of goods and services at a national level which will subsume most of the indirect taxes at State and Central level to provide comprehensive and continuous chain of set-off benefits throughout the value chain. Following state taxes and levies are proposed to be subsumed under GST: Octroi VAT (except on liquor for consumption) Entry tax Stamp duty Tax on consumption or sale of electricity Entertainment tax (unless it is levied by the local bodies) Luxury tax Taxes on lottery, betting and gambling State Cess and Surcharge in so far as they relate to supply of goods and services Purchase Tax