What Should One Know About GST?
Category : NEWS Author : Sachin Rathore Date : Fri Jul 07 2017 Views : 73
BASICS ABOUT GST
(Image Source)
• GST = Goods And Service Tax
• GST is ONE TAX, ONE NATION.
• France was the first to introduce GST in 1954.
• GST, a Value added Tax (VAT) is proposed to be a comprehensive indirect tax.
• GST will lieu Excise and Service Tax.
• Canada was first state to have Dual-GST, India is second.
• Dual-GST - CENTRAL GST and STATE GST
• GST was first introduced in 2007-08 budget session, at the time of Congress.
• GST rates in India :
Precious metals such as Jewels – 2 or 4% tax
Essential goods or services – 6 or 8% tax
All other goods and services – Standard Rate 18% or 20%
Goods like Cigarettes or Luxury Cars – 40%
• GST was implemented on 1 July 2017.
BASICS ABOUT GST
(Image Source)
• GST = Goods And Service Tax
• GST is ONE TAX, ONE NATION.
• France was the first to introduce GST in 1954.
• GST, a Value added Tax (VAT) is proposed to be a comprehensive indirect tax.
• GST will lieu Excise and Service Tax.
• Canada was first state to have Dual-GST, India is second.
• Dual-GST - CENTRAL GST and STATE GST
• GST was first introduced in 2007-08 budget session, at the time of Congress.
• GST rates in India :
Precious metals such as Jewels – 2 or 4% tax
Essential goods or services – 6 or 8% tax
All other goods and services – Standard Rate 18% or 20%
Goods like Cigarettes or Luxury Cars – 40%
• GST was implemented on 1 July 2017.
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