Chipko MovementMarch 26, 2018
Kamaladevi ChattopadhyayApril 3, 2018
The President of India approved the Constitution Amendment Bill for Goods and Services Tax (GST) on 8 September 2016
- The Goods and Service Tax Act was passed in the Parliament on 29th March 2017.
- The Act came into effect on 1st July 2017.
- The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament.
- Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
- This law will replace all indirect taxes levied on goods and services by the central government and state government
- Under the GST regime, the tax will be levied at every point of sale. In case of interstate sales, Central GST and State GST will be charged. Intra-state sales will be chargeable to Integrated GST.
- There are 3 taxes applicable under GST: CGST, SGST & IGST.
CGST: Collected by the Central Government on an intra-state sale (Eg: Within Maharashtra)
SGST: Collected by the State Government on an intra-state sale (Eg: Within Mahaashtra)
IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)
- In India, GST model has 4 rate structure. They are 5%,12%,18% and 28%.
- India has the maximum tax slab(28%) compare to other countries.
- In india,GST was first proposed in 2000.
- Headquarters of GST council – New Delhi.
- Chairman of GST council- Finance Minister
- The first state that passed GST Bill – Telangana.
- An E-Way Bill, a GSTN project under the Goods and Services Tax, is required to be generated for every inter-state movement of goods beyond 10 kilometres (6.2 mi) and the threshold limit of ₹50,000
- Goods Kept Outside the GST
- Alcohol for human consumption.
- Tobacco and Tobacco products.
- Petrol and petroleum products (GST will apply at a later date) viz. Petroleum crude, High speed diesel, Motor Spirit (petrol), Natural gas, Aviation turbine fuel.[
- GST Council is the governing body of GST
- France was the first to introduce GST in 1954 .
- There are around 160 countries in the world that have GST in place
- All the business entities registering under GST will be provided a unique identification number known as GSTIN or GST Identification Number.
Following are Acts under GST which were passed and received the President‟s assent on 12th April, 2017-
- The Central Goods and Service Tax Act, 2017(CGST)
- The Integrated Goods and Service Tax Act, 2017(IGST)
- The Union Territory Goods and Service Tax Act, 2017(UTGST)
- The Goods and Service Tax(Compensation to States) Act, 2017(Compensation Cess)