Volume : VIII, Issue : VI, June - 2019

Implementation of Goods and Services Tax (GST) In India

Mitali Halder

Abstract :

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Act Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12%, 18%, and 28%. 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. GST replaced a slew of indirect taxes with a unified tax and is therefore set to dramatically reshape the countryís 2 trillion dollar economy. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments. For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the central Government.

Keywords : CGST   SGST   GSTN   IGST.   

Article:Download PDF Journal DOI : 10.15373/2249555X

Cite This Article:

IMPLEMENTATION OF GOODS AND SERVICES TAX (GST) IN INDIA, Mitali Halder GLOBAL JOURNAL FOR RESEARCH ANALYSIS : Volume-8 | Issue-6 | June-2019


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