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The proposed GST will subsume most indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.

The income tax department is likely to settle 90 lakh refunds claims this fiscal, the highest in any financial year.
Corporate income tax collections grew 24.01 per cent to Rs 2,23,612 crore during the review period from Rs 1,80,318 crore in the corresponding period a year ago.
Unveiling the Budget proposals for 2011-12 in the Lok Sabha, Mukherjee also proposed to reduce the age limit for consideration as senior citizens from 65 years to 60.
Senior citizens are the main beneficiary in the latest budget. Mukherjee has reduced the age limit for classification as a senior citizen from 65 years to 60 years.
The public issue of secured, redeemable, non-convertible debentures of Rs 5,000 face value each will open for subscription on February 24 and close on March 22.
The systematic attempt to evolve a tax system in independent India started with implementation of the report of Taxation Enquiry Commission in India in 1953.
Goldman Sachs says the government may raise the income tax exemption limit in the upcoming Budget to provide some relief to the taxpayer from inflation.
"We are working on a plan to come out with infrastructure bonds... It is unlikely to happen in the current fiscal," LIC Chairman T S Vijayan said.
Here is a compendium of the financial avenues and instruments that can help reduce the amount of tax you pay.