write an artical on GST
Answers
Explanation:
First of all, Goods and Services Tax (GST) is a single tax system. The imposition of this tax takes place jointly by the center and the state. Furthermore, the imposition happens with the recommendation of a federal council.
In GST, the goods and services are divided into five different tax slabs. This is for the purpose of the tax collection. Above all, the tax slabs are – 0%, 5%, 12%, 18% and 28%. Also, petroleum products, alcoholic drinks, and electricity do not come under GST. Rough precious and semi-precious stones carry a special rate of 0.25%. Gold also carries a special rate of 3%.
GST certainly subsumed several taxes and levies. These include central excise duty, services tax, and additional customs duty. Furthermore, state-level VAT, surcharges, and Octroi also come under GST. The GST regime has done away with levies. Also, these levies were applicable to inter-state transportation of goods. Most noteworthy, the application of GST is on all transactions. These transactions are sale, purchase, transfer, lease, and import