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.
Disclaimer: The above content reflect author’s personal views and do not reflect the views of OYEWIKI. Neither OYEWIKI nor any person/organization acting on its behalf is liable to accept any legal liability/responsibility for any error/mislead in this information or any information available on the website. This website in no way accepts the responsibility for any loss, injury, damage, discomfort or inconvenience caused as a result of reliance on any information provided on this website.
If you want to add more comments to the article or you see any thing incorrect please write a comment below and we will surely get back to you.
