gst eassy in english
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GST – Goods and service tax was in news from last two years, since Kelkar committee reports on financial reforms.This is an indirect tax which will subsumed all the indirect taxes which are in existence like Service tax, VAT, CST etc. The main purpose to impose this tax is to widen the tax base by lowering the tax rates. It is 122nd amendment in the constitution and the slogan was- one country one tax.
As GST bill has been passed in parliament, it is likely to be implemented from 1st July 2017. It has 5 tax slabs- 0%, 5%, 12%, 18% and 28%. All the products are categorized into these categories. The central GST bill, 2017; The Integrated GST bill 2017, The GST (Compensation to states) Bill,2017; and the Union territory bill,2017 has been finally passed.
As GST bill has been passed in parliament, it is likely to be implemented from 1st July 2017. It has 5 tax slabs- 0%, 5%, 12%, 18% and 28%. All the products are categorized into these categories. The central GST bill, 2017; The Integrated GST bill 2017, The GST (Compensation to states) Bill,2017; and the Union territory bill,2017 has been finally passed.
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G S T is an indirect tax levied on India on the sale of goods & services. Goods &Services are divided into 5 taxs slabs for collection of tax-0%,5%,12%,18%&28%Petroleum products &alchaholic drinks are taxed separately by the individual state governments. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.[1] In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.[2]
The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Modi government. The tax replaced existing multiple cascading taxes levied by the central and state governments. The tax rates, rules and regulations are governed by the Goods and Services Tax Council which comprises finance ministers of centre and all the states. GST simplified a slew of indirect taxes with a unified tax and is therefore expected to dramatically reshape the country's 2 trillion dollar economy.
The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Modi government. The tax replaced existing multiple cascading taxes levied by the central and state governments. The tax rates, rules and regulations are governed by the Goods and Services Tax Council which comprises finance ministers of centre and all the states. GST simplified a slew of indirect taxes with a unified tax and is therefore expected to dramatically reshape the country's 2 trillion dollar economy.
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