What is GST
You all must have heard about "One Nation One Card", "One Nation One Tax" etc. Today, we will provide you information about One Nation One Tax i.e. GST. There are a total of 28 states in our country, of which the first state to implement GST is Assam, after doing this, Assam has become the first state to implement Goods and Services Tax, and Jammu and Kashmir is the last state to implement GST
GST Story was first started in France all over the world. Hence France is the first country to implement GST. France first implemented the GST in 1954 to curb tax evasion. After this, 160 other countries also have tax facilities like GST while countries like Brazil and Canada have dual GST, in which each state and country have different GST. A single GST has been implemented in our country. If you want to know GST detail, then just keep reading this post till the end.
1.What is GST.
2.What is GST Bill
Complete information related to GST type, advantages and disadvantages and tax rate in India!
This bill was passed in the Rajya Sabha on 3 August 2016 and in the Lok Sabha in May 2015.
The government and many big economists have called the Goods and Services Tax the biggest tax reform in the country. Goods and service tax is an indirect tax and under it the same tax has been levied on all goods and services, 30 to 35% tax was levied on any goods before the GST bill was passed and on some goods. The tax levied directly or indirectly was more than 50%, but after the coming of GST, this tax has been uniformly 28% everywhere.
GST Full Form - Goods And Service Tax
Let us now read, What is GST Bill, this is a tax related bill, also officially known as "The Constitution Amendment GST Bill 2014". After the passing of the GST bill, the same tax has come into force in the country. This bill was passed in the Rajya Sabha on 3 August 2016 and in the Lok Sabha in May 2015. GST bill is an indirect tax, due to which, the tax payers have started getting a lot of facilities.
With the introduction of the GST bill, India's market will fall into a category and indirect taxes such as excise duty, service tax, entertainment tax, VAT etc. will all be included in the GST. GST has been implemented across the country. Now the question arises that Who implemented GST , the suggestion of implementing GST in India was suggested by the Vijay Kelkar Committee and was implemented by the then President Pranab Mukherjee and Prime Minister Narendra Modi, GST 1 July Has come into force since 2017. While implementing this, Finance Minister Arun Jaitley had said that GST will create one tax, one country, one market and economic development of the country and a new history will be created in the country.
Types of GST
There are four types of GST types in India, detailed information about them is given below.
Central Goods and Services Tax (CGST)
As per the Central Goods and Services Tax Act 2016, CGST is a centralized part of it which currently comes under the Excise-Central Sales Tax, Central Excise, Service Tax, Medical and Toilet Construction etc. Act, Additional Excise Duty is.
State Goods and Services Tax (SGST)
It is designed for state goods and services taxes as per the 2016 GST bill. This includes taxes related to goods and services such as state sales tax, luxury tax, entertainment tax, levies on lottery, entry tax, etc. through a uniform SGST.
Integrated Goods and Services Tax (IGST)
IGST stands for Integrated Goods and Services Tax, which is levied on the supply and exchange of goods and services from one state to another. For example, if there is supply of goods and services between Madhya Pradesh and Rajasthan, then IGST will be implemented there.
Goods and Services Tax for the Union Territory (UTGST)
Union Territories in India are placed under a special GST. Which is called "Union Territory Goods and Services Tax" as per GST Regulatory 2016. UTGST is responsible for implementing uniform tax for all union territories in India.
While on the one hand GST Utility and benefits are being told by the government, on the other hand there are also many GST hurts the country
Prior to the introduction of GST, duty based transactions were taxed at 14.5 per cent which has now become 18%, that if any goods of Rs 1000 were taxed at Rs 145 then it has now increased to Rs 180.
If you buy a new house now, then the value has increased by 8%, it is expected to reduce the real estate sector by about 12%. After GST is implemented, hotel food, air travel expenses and insurance premiums are expensive.
After GST is implemented, service tax on railway tickets has also increased. Indirect tax has increased after GST is implemented and direct taxes are almost over. Electronic goods such as TV,AC when GST is implemented. , The value of mobiles has increased. Earlier, these goods were taxed at 23-25% but after GST, this tax has been increased to 28%. The first 3% tax on vehicles and 4 to 5% state VAT on readymade garments. Was but now it has become expensive after applying 18% GST
Now we have told you about the loss from GST. Now the question may be coming in your mind that for this we have shown advantages of GST below, so that you will be able to understand required of GST
The general public of the country has gained the most from the implementation of GST because the same tax has been imposed on the purchase of all goods under it.
After this, the tax system in India has become easier and the imposition of 'tax on tax'. The system has been relieved. After the GST is implemented, tax fraud has also been reduced by the officials of the tax department.
The most important benefit of GST is that after its arrival, service tax, central sales tax, state Taxes like sales tax and VAT have come to an end. Before the GST rule came, we had to pay 30 to 35% tax on different goods, but now only 18% tax is due to GST.
A total of four types of GST Pass have been set by the GST Council, whose rates are 5%,12%,18% and 28% . Under this, GST is exempted on many things like- milk, curd, lassi, vegetables, fruits, salt, newspapers, printed books, flour, fish, eggs, chicken, vermilion, prasad, bindi, bangles etc. daily GST is not levied on necessities.
Apart from this, traders with annual sales of less than 40 lakhs are also exempted from this tax. According to GST, all luxury and expensive items are cessed with GST. As per the GST rate revision effective from 1 October 2019.
You all must have heard about "One Nation One Card", "One Nation One Tax" etc. Today, we will provide you information about One Nation One Tax i.e. GST. There are a total of 28 states in our country, of which the first state to implement GST is Assam, after doing this, Assam has become the first state to implement Goods and Services Tax, and Jammu and Kashmir is the last state to implement GST
GST Story was first started in France all over the world. Hence France is the first country to implement GST. France first implemented the GST in 1954 to curb tax evasion. After this, 160 other countries also have tax facilities like GST while countries like Brazil and Canada have dual GST, in which each state and country have different GST. A single GST has been implemented in our country. If you want to know GST detail, then just keep reading this post till the end.
1.What is GST.
2.What is GST Bill
Complete information related to GST type, advantages and disadvantages and tax rate in India!
This bill was passed in the Rajya Sabha on 3 August 2016 and in the Lok Sabha in May 2015.
What Is GST
The government and many big economists have called the Goods and Services Tax the biggest tax reform in the country. Goods and service tax is an indirect tax and under it the same tax has been levied on all goods and services, 30 to 35% tax was levied on any goods before the GST bill was passed and on some goods. The tax levied directly or indirectly was more than 50%, but after the coming of GST, this tax has been uniformly 28% everywhere.
GST Full Form - Goods And Service Tax
GST Bill
Let us now read, What is GST Bill, this is a tax related bill, also officially known as "The Constitution Amendment GST Bill 2014". After the passing of the GST bill, the same tax has come into force in the country. This bill was passed in the Rajya Sabha on 3 August 2016 and in the Lok Sabha in May 2015. GST bill is an indirect tax, due to which, the tax payers have started getting a lot of facilities.
What is GST in India
With the introduction of the GST bill, India's market will fall into a category and indirect taxes such as excise duty, service tax, entertainment tax, VAT etc. will all be included in the GST. GST has been implemented across the country. Now the question arises that Who implemented GST , the suggestion of implementing GST in India was suggested by the Vijay Kelkar Committee and was implemented by the then President Pranab Mukherjee and Prime Minister Narendra Modi, GST 1 July Has come into force since 2017. While implementing this, Finance Minister Arun Jaitley had said that GST will create one tax, one country, one market and economic development of the country and a new history will be created in the country.
Types of GST
There are four types of GST types in India, detailed information about them is given below.
 |
Central Goods and Services Tax (CGST)
As per the Central Goods and Services Tax Act 2016, CGST is a centralized part of it which currently comes under the Excise-Central Sales Tax, Central Excise, Service Tax, Medical and Toilet Construction etc. Act, Additional Excise Duty is.
State Goods and Services Tax (SGST)
It is designed for state goods and services taxes as per the 2016 GST bill. This includes taxes related to goods and services such as state sales tax, luxury tax, entertainment tax, levies on lottery, entry tax, etc. through a uniform SGST.
Integrated Goods and Services Tax (IGST)
IGST stands for Integrated Goods and Services Tax, which is levied on the supply and exchange of goods and services from one state to another. For example, if there is supply of goods and services between Madhya Pradesh and Rajasthan, then IGST will be implemented there.
Goods and Services Tax for the Union Territory (UTGST)
Union Territories in India are placed under a special GST. Which is called "Union Territory Goods and Services Tax" as per GST Regulatory 2016. UTGST is responsible for implementing uniform tax for all union territories in India.
GST Disadvantages
While on the one hand GST Utility and benefits are being told by the government, on the other hand there are also many GST hurts the country
Prior to the introduction of GST, duty based transactions were taxed at 14.5 per cent which has now become 18%, that if any goods of Rs 1000 were taxed at Rs 145 then it has now increased to Rs 180.
If you buy a new house now, then the value has increased by 8%, it is expected to reduce the real estate sector by about 12%. After GST is implemented, hotel food, air travel expenses and insurance premiums are expensive.
After GST is implemented, service tax on railway tickets has also increased. Indirect tax has increased after GST is implemented and direct taxes are almost over. Electronic goods such as TV,AC when GST is implemented. , The value of mobiles has increased. Earlier, these goods were taxed at 23-25% but after GST, this tax has been increased to 28%. The first 3% tax on vehicles and 4 to 5% state VAT on readymade garments. Was but now it has become expensive after applying 18% GST
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| Goods And Service Tax |
Benefits Of GST In India
Now we have told you about the loss from GST. Now the question may be coming in your mind that for this we have shown advantages of GST below, so that you will be able to understand required of GST
The general public of the country has gained the most from the implementation of GST because the same tax has been imposed on the purchase of all goods under it.
After this, the tax system in India has become easier and the imposition of 'tax on tax'. The system has been relieved. After the GST is implemented, tax fraud has also been reduced by the officials of the tax department.
The most important benefit of GST is that after its arrival, service tax, central sales tax, state Taxes like sales tax and VAT have come to an end. Before the GST rule came, we had to pay 30 to 35% tax on different goods, but now only 18% tax is due to GST.
GST Tax Rate
A total of four types of GST Pass have been set by the GST Council, whose rates are 5%,12%,18% and 28% . Under this, GST is exempted on many things like- milk, curd, lassi, vegetables, fruits, salt, newspapers, printed books, flour, fish, eggs, chicken, vermilion, prasad, bindi, bangles etc. daily GST is not levied on necessities.
Apart from this, traders with annual sales of less than 40 lakhs are also exempted from this tax. According to GST, all luxury and expensive items are cessed with GST. As per the GST rate revision effective from 1 October 2019.
