From 1st July 2017, the Indian government has been adopted the Goods and Services Tax (GST) in the country. Millions of people want to know about what is Goods and Services Tax (GST).
To get easily know about Goods and Services Tax (GST) we have given here the answer in the very simple way.
Let Know about Goods and Services Tax (GST)
The Goods and Services Tax (GST) was launched (known as historic midnight June 30-July 1, 2017) by the President ‘Shri Pranab Mukherjee’ and Prime Minister ‘Shri Narendra Modi’ in the session of both the houses of parliament convened at the Central Hall of the Indian Parliament.
- Goods and Services Tax (GST) was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill.
- Important facts about the Goods and Services Tax (GST).
- Goods and Services Tax (GST) will be implemented by July 1st, 2017 in the India.
- GST is an indirect tax applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.
- GST is governed by a GST Council and its Chairman is the Finance Minister of India.
- India adopted a dual GST model, meaning that taxation is administered by both the Union and State Governments.
- Under GST, goods, and services are taxed at the following rates, 0%, 5%, 12%, 18%, 28%.
- GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services.
GST will replace the following taxes in India:
- Central Excise Duty.
- Advertisement tax.
- Service Tax.
- Central Sales Tax (CST).
- Octroi Charges.
- Entertainment Tax.
- Entry Tax.
- Commercial Tax.
- Value Added Tax (VAT).
- Food Tax.
- Purchase Tax.
- Luxury Tax.
- Customs Duty.
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