GST

GST is a single tax on the supply of goods and services, GST right from the manufacturer to the consumer. GST Credits of input taxes paid at each Fact of GST stage will be available GST in the subsequent GST stage of value addition, which makes GST essentially a tax only on value addition at GST each stage.

  • France was the first country to impose the Goods and Services Tax (GST).
  • The Vijay Kelkar Committee recommended that GST be implemented in India.
  • The Goods and Services Tax (GST) was imposed in India on July 1, 2017.
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Silent feature of GST!

  • GST would be levied at rates to be mutually agreed upon by the Centre and the States. The rates would be notified on the recommendation of the GST Council. In a recent meeting, the GST Council has decided that GST would be levied at four rates viz. 5%, 12%, 16% and 28%. The schedule or list of items GST that would fall GST under each of these slabs has been worked out. In addition to these rates, a cess would be imposed on “demerit” goods to GST raise resources for providing GST compensation to States as States may lose revenue owing to the implementation of GST.
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  • (vii) GST would replace the following taxes GST  currently levied and collected by the Centre:-
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  • t is a dual GST with the Centre and the States GST simultaneously levying tax GST  on a common base. GST to be levied by the Centre would be called Central GST(CGST) and that to be levied by the States would be called State GST (SGST).

The secret to when did GST started in India?

GST  The genesis of the introduction of GST in the country was laid down GST in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid down 1st April, 2010 as the date for the introduction of GST in the country.Seven months after the formation of the then Modi government, the new Finance GST Minister Arun Jaitley introduced the GST Bill in the Lok Sabha, where the GST BJP had a majority. In February 2015, Jaitley GST set another deadline of 1 April 2017 to implement GST. 

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