20, Jul 2018
To commemorate first year of GST reform GST day was celebrated on 1st July 2018.
Constitution 101st Amendment Act- an indirect tax on the supply of goods and services. Goods and services are divided into five tax slabs for collection of tax – 0%, 5%, 12%,18% and 28%.
Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
Components of GST:
1. CGST(central GST)-Collected by central govt
2. SGST(state GST)-collected by state govt
3. IST(interstate GST)-collected by central govt
GST council – constitutional body make recommendation to state and central government on issues related to GST.
Chair-Union Finance minister
Member-the union minister of state in charge of Revenue or Finance, State finance ministers
GST council govern:
1. Place of supply
Special rates to be raised during natural calamity
Special GST for certain states
Goads exempted from GST: Petroleum products, alcoholic drink, electricity, and real estate are taxed separately by the individual state Governments.