Goods and Services Tax (GST)
Launch:
GST Bill Passed on Date:
The bill was passed by the Rajah
Sabha on 3 August 2016, and the amended bill was passed by the Lok Sabha on 8
August 2016. The bill, after ratification by the States, received assent from
President Pranab Mukherjee on 8 September 2016, and was notified in The Gazette
of India on the same date.
Sabha on 3 August 2016, and the amended bill was passed by the Lok Sabha on 8
August 2016. The bill, after ratification by the States, received assent from
President Pranab Mukherjee on 8 September 2016, and was notified in The Gazette
of India on the same date.
The GST was launched at midnight on
1 July 2017 by the President of India, Pranab Mukherjee, and the Prime Minister
of India Narendra Modi.
1 July 2017 by the President of India, Pranab Mukherjee, and the Prime Minister
of India Narendra Modi.
101 Amendment of GST:
Addition of articles 246A, 269A,
279A. Deletion of Article 268A .Amendment of articles 248, 249, 250, 268, 269,
270, 271, 286, 366, 368, 6 Schedule, 7 Schedule.
279A. Deletion of Article 268A .Amendment of articles 248, 249, 250, 268, 269,
270, 271, 286, 366, 368, 6 Schedule, 7 Schedule.
What is GST?
GST (Goods and Services Tax) is
the indirect tax reform of India. GST is a single tax on the supply of goods
and services. It is a destination based tax. GST has subsumed taxes like
Central Excise Law, Service Tax Law, VAT, Entry Tax, Ontario, etc. GST is one
of the biggest indirect tax in the country. GST is expected to bring together
state economies and improve overall economic growth of the nation.
the indirect tax reform of India. GST is a single tax on the supply of goods
and services. It is a destination based tax. GST has subsumed taxes like
Central Excise Law, Service Tax Law, VAT, Entry Tax, Ontario, etc. GST is one
of the biggest indirect tax in the country. GST is expected to bring together
state economies and improve overall economic growth of the nation.
GST is a comprehensive indirect
tax levy on manufacture, sale and consumption of goods as well as services at
the national level. It will replace all indirect taxes levied on goods and
services by states and Central. Businesses are required to obtain a GST
Identification Number in every state they are registered.
tax levy on manufacture, sale and consumption of goods as well as services at
the national level. It will replace all indirect taxes levied on goods and
services by states and Central. Businesses are required to obtain a GST
Identification Number in every state they are registered.
There are around 160 countries
in the world that have GST in place. GST is a destination based taxed where the
tax is collected by the State where goods are consumed. GST has been
implemented in India from July 1, 2017 and it has adopted the Dual GST model in
which both States and Central levies tax on Goods or Services or both.
in the world that have GST in place. GST is a destination based taxed where the
tax is collected by the State where goods are consumed. GST has been
implemented in India from July 1, 2017 and it has adopted the Dual GST model in
which both States and Central levies tax on Goods or Services or both.
SGST โ
State GST, collected by the State Govt.
State GST, collected by the State Govt.
CGST โ
Central GST, collected by the Central Govt.
Central GST, collected by the Central Govt.
IGST โ Integrated GST, collected by the Central
Govt.
Govt.
UTGST โ Union territory GST, collected by union
territory government
territory government
Impact of GST on Indian Economy:
GST offers
several benefits to our economy. Here are some key advantages:
several benefits to our economy. Here are some key advantages:
ยท
Create unified common national market for
India, giving a boost to Foreign investment and โMake in Indiaโ campaign
Create unified common national market for
India, giving a boost to Foreign investment and โMake in Indiaโ campaign
ยท
Boost export and manufacturing activity and
leading to substantive economic growth
Boost export and manufacturing activity and
leading to substantive economic growth
ยท
Help in poverty eradication by generating
more employment
Help in poverty eradication by generating
more employment
ยท
Uniform SGST and IGST rates to reduce the
incentive for tax evasion
Uniform SGST and IGST rates to reduce the
incentive for tax evasion
Impact of GST on Consumers:
GST is
also beneficial for consumers. Here is how it impacts the Indian consumers:
also beneficial for consumers. Here is how it impacts the Indian consumers:
ยท
Simpler Tax system
Simpler Tax system
ยท
Reduction in prices of goods & services
due to elimination of cascading
Reduction in prices of goods & services
due to elimination of cascading
ยท
Uniform prices throughout the country
Uniform prices throughout the country
ยท
Transparency in taxation system
Transparency in taxation system
ยท
Increase in employment opportunities
Increase in employment opportunities
Impact of GST on Traders:
GST is
also has some positive impact on traders. Letโs see how it affects the traders:
also has some positive impact on traders. Letโs see how it affects the traders:
ยท
Reduction in multiplicity of taxes
Reduction in multiplicity of taxes
ยท
Mitigation of cascading/ double taxation
through input tax credit
Mitigation of cascading/ double taxation
through input tax credit
ยท
More efficient neutralization of taxes
especially for exports
More efficient neutralization of taxes
especially for exports
ยท
Development of common national market
Development of common national market
ยท
Simpler tax regime and Fewer rates and
exemptions
Simpler tax regime and Fewer rates and
exemptions
0% Tax Rate Products:
1. Milk
2. Eggs
3. Curd
4. Lassie
5. Unpacked
Food grains
Food grains
6. Unpacked
Pannier
Pannier
7. Guar
8. Unbranded
Natural Honey
Natural Honey
9. Fresh
Vegetables
Vegetables
10. Salt
11. Kajal
12. Educations
Services
Services
13. Health
Services
Services
14. Childrenโs
Drawing & ColouringBooks
Drawing & ColouringBooks
15. Unbranded
Atta
Atta
16. Unbranded
Maida
Maida
17. Besan
18. Prasad
Palmyra Jaggery
Palmyra Jaggery
19. Phool
Bhari Jhadoo
Bhari Jhadoo
20. Palmyra
Jaggery
Jaggery
5% Tax Rate Products:
1. Sugar
2. Tea
3. Packed
Pannier
Pannier
4. Coal
5. Edible
Oils
Oils
6. Domestic
LPG
LPG
7. PDS
Kerosene
Kerosene
8. Cashew
Nuts
Nuts
9. Milk Food
for Babies
for Babies
10. Fabric
11. Spies
12. Life-saving
drugs
drugs
13. Raisin
14. Roasted
Coffee Beans
Coffee Beans
15. Skimmed
Milk Powder
Milk Powder
16. Footwear
(< Rs.500)
(< Rs.500)
17. Apparels
(< Rs.1000)
(< Rs.1000)
18. Coir Mats,
Matting & Floor Covering
Matting & Floor Covering
19. Agarbatti
20. Mishti/Mithai
(Indian Sweets)
(Indian Sweets)
21. Coffee
(except instant)
(except instant)
12% Tax Rate Product:
1. Butter
2. Ghee
3. Almonds
4. Computers
5. Processed
food
food
6. Mobile
7. Fruit
Juice
Juice
8. Packed
Coconut Water
Coconut Water
9. Umbrella
10. Preparations
of Vegetables, Fruits, Nuts or other parts of Plants including Pickle Murabba,
Chutney, Jam, Jelly
of Vegetables, Fruits, Nuts or other parts of Plants including Pickle Murabba,
Chutney, Jam, Jelly
18% Tax Rate Products:
1. Hair oil
2. Toothpaste
3. Soap
4. Pasta
5. Capital
goods
goods
6. Industrial
Intermediaries
Intermediaries
7. Ice-cream
8. Corn
Flakes
Flakes
9. Soups
10. Toiletries
11. Computers
12. Printers
28% Tax Rate Products:
1. Small cars
(+1% or 3% cress)
(+1% or 3% cress)
2. High-end
motorcycles (+15% cress)
motorcycles (+15% cress)
3. Consumer
durables such as AC and fridge
durables such as AC and fridge
4. Beedis are
NOT included here
NOT included here
5. Luxury
& sin items like BMWs, cigarettes and aerated drinks (+15% cress)
& sin items like BMWs, cigarettes and aerated drinks (+15% cress)
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