What is GST
Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. Goods and services are divided into five tax slabs for collection of tax – 0%, 5%, 12%,18% and 28%. Petroleum products and alcoholic drinks are taxed separately by the individual state governments. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.
The tax came into effect from July 1, 2017 through the implementation of one hundred and first amendment by the Government of India. The tax replaced existing multiple cascading taxes levied by the central and state governments. The tax rates, rules and regulations are governed by the Goods and Services Tax Council which comprises finance ministers of centre and all the states. GST simplified a slew of indirect taxes with a unified tax and is therefore expected to dramatically reshape the country’s 2 trillion dollar economy.
IMPORTANT INFORMATION ABOUT GST:-
- Total number of GST registration number ? Ans→ 15
- How many years have imprisonment for theft of GST ? Ans→ 5 Year.
- The number of members consolidated in the GST Council is ? Ans→ 33
- India’s only state where GST is not applicable ? Ans→ Jammu and Kashmir
- GST was the first country in the world to implement ? Ans→ France (1954)
- That constitution amendment under which GST was passed ? Ans→ 122 (101)
- and Services Tax (GST) in India has been implemented ? Ans→ From 1st July 2017
- Is the type of GST ? Ans→ 3 (SGST, CGST, IGST)
- The first was the chairman of the committee to draft the GST bill ? Ans→ Asim Das Gupta.
- Rajya Sabha and Lok Sabha passed the GST bill respectively ? Ans→ August 3 and 8 August 2016
- GST rates are ? Ans→ Five (0%, 5%, 12%, 18%, 28%)
- Total percentage of items with 28% rate is ? Ans→ 19%
- The President gave his approval on the GST bill ? Ans→ September 2016.
- which article GST Council has been constituted under the Constitution ? Ans→ Article-279 (A)
- India had suggested to implement GST? Ans→ Vijay Kelkar Committee
- After the GST is implemented, the percentage increase in GDP has been estimated ? Ans→ 2%
- What kind of tax is GST ? Ans→ Indirect, multilevel, destination based.
- Are the major goods and services outside the realm of GST ? Ans→ Alcohol and Petroleum Goods and Education and Health Services.