What is GST Council Drishti IAS?

The Council, according to Article 279, is meant to “make recommendations to the Union and the states on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws”. It also decides on various rate slabs of GST.30-Jun-2022

What is GST tax Upsc?

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 by the businesses selling the goods and services.30-Jun-2022

Is GST 12% or 18 %?

The GST rates of 5%, 12%, 18% and 28% on goods, were affecting consumers with several pros and cons on services. However, services such as healthcare and educational services were excluded from GST. The passed GST rates slabs from the GST council consists of NIL, 5%, 12%, 18%, 28% rates on different services.22-Jul-2022

Who is called Father of GST?

In India, it was the Government of India headed by former Prime Minister Atal Bihari Vajpayee who set up a committee headed by former Finance Minister of West Bengal, Asim Dasgupta to look into the prospects and modalities of implementing GST in India. GST was finally launched in India in 2017.

What are the types of GST?

Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes.

Who is the chairman of GST council?

the Union Finance Minister

What is GST full notes?

GST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and so on. GST levied on the supply of certain goods and services in India. It is one tax that is applicable all over India.

What is GST short note?

GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc.05-Jan-2021

Who collects Upsc GST?

In case of inter-State transactions, the Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supplies of goods and services under Article 269A (1) of the Constitution.

What are the 4 slabs of GST?

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.

What is current GST rate?

In India GST rate for various goods and services is divided into four slabs: they are 5% GST, 12% GST, 18% GST, & 28% GST.Revision of GST Rates announced in the 37th GST Council Meeting.

What product is 18% GST?

What Falls Under the 18% GST Rate? Household products, including hair oil, toothpaste, shampoo, etc. All devices for length measuring by hand, like measuring tapes, callipers, etc.

Which country first used GST?

In fact, France was the first country to implement the GST in 1954.20-May-2017

Who discovered GST?

Genesis. The idea of moving towards GST was first mooted by the then Union Finance Minister in his Budget speech for 2006-07. Initially, it was proposed that GST would be introduced from 1st April 2010.

Which country has no GST?

The US: The only major economy that does not have GST. States enjoy high autonomy in taxation. Japan introduced consumption tax in 1989 at a rate of 3%.28-Jun-2017

What is HSN code?

HSN stands for Harmonised System of Nomenclature code. This is a 6-digit code that classifies various products. Manufacturers, importers and exporters have been using HSN codes for a long time now.01-Apr-2021

What is GST with example?

What are 3 types of GST – CGST, SGST AND IGST?

What is structure of GST?

GST has tax slab rates of 5%, 12%, 18%, and 28%. 7% items are exempted from GST, whereas, 14% items have 5% GST tax slab and 17% items have 12% GST tax slab. Around 43% items have 18% GST slab rate and 19% items have 28% GST slab rates. Get Started!

What are the 4 types of GST in India?

There are four different types of GST as listed below:

The Central Goods and Services Tax (CGST)
The State Goods and Services Tax (SGST)
The Union Territory Goods and Services Tax (UTGST)
The Integrated Goods and Services Tax (IGST)