Good and service tax was first maintained budjet year
Answers
Answer:
Explanation:
Service tax had been first levied at a rate of five per cent flat from 1 July 1994 till 13 May 2003, at the rate of eight percent flat w.e.f 1 plus an education cess of 2% thereon w.e.f 10 September 2004 on the services provided by service providers.
Answer:
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Explanation:
Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.
But back in 2000, the then Prime Minister of India Shri Atal Bihari Vajpayee introduced the concept of Goods and Services Tax. He also formed a committee to draft new indirect tax law. It, however, took 17 more years for its implementation.