GST

 

GST

 

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government. The proposal was presented in 2016 for constitutional amendment. GST was implemented on 1 July 2017 for reduce tax- deception. 

GST Council having 33 members, out of which 2 members are of centre and 31 members are from 28 state and 3 Union territories with legislation. 

The 4 types of GST in India are:

SGST (State Goods and Services Tax)

CGST (Central Goods and Services Tax)

IGST (Integrated Goods and Services Tax)

"Integrated Goods and Services Tax” (IGST) means the tax levied on all interstate transactions of taxable goods and services.

UGST (Union Territory Goods and Services Tax)

GST Divided into four slabs, they are :- 5%, 12%, 18% and 28%.