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GST Blogs | Everything about GST
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| Goods and Services Tax (GST) is a unified taxation system to be implemented by the Government of India from the 1st July 2017. The Goods and Services Tax is intended to replace all the taxes levied by the central and state governments in various forms i.e. excise, sales tax, VAT, entertainment tax, luxury tax etc. The bill for the implementation of the Good and Services Tax law has been passed by the parliament of the nation by ‘142’ constitution amendment act 2017, followed by the passage of Constitution 122nd Amendment Bill. The Good and Services Tax is governed and is being monitored by the Good and Services Tax Council and its Chairman is Union Finance Minister of India. Under GST, all the goods and services will be taxed at the rates of 0%, 5%, 12%, 18%, 28%. Apart from these, there is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold; also an additional cess on sin goods like cigarettes has been incorporated. |