GST Means Goods and Services Tax. The Word GST is making a new era in the Indian Taxation System. The GST is going to be implemented in India on 1st July 2017 For All the States as per the provisions of the Goods and Services Tax Act 2017.
What is GST in India?
Most of the questions raised by the Indians whether it is useful to common people servers or not. As we come fact Formerly GST is called Goods and Service Tax. The First GST is implemented by France in the Year 1954 Then followed by Japan, South Korea, UK, and Australia. Now 160 Countries are practicing the GST For their consumer benefits and Avoid double taxation.
GST Rates in India
The Indian Government has taken Initiatives to implement the Goods and Service tax i.e GST in India. GST (Good and Services Tax) tax rates are followed as 0%, 5%, 12%, 18%, 28%, and other rates are mentioned below clearly.
As we know that GST is an Indirect Tax, there are some Different taxes such as Central Excise Duty, Service Tax, Commercial Tax, VAT, Food Tax, Central Sales Tax CST, Octroi, Entertainment Tax, Entry Tax, Purchase Tax, Luxury Tax, Advertisement Taxes and Many More.
Goods and Services Tax Network (GSTN)
Goods and Service Tax Network is one of the Non-Profit Organization formed to serve the Concerned Parties For Stakeholders, Government, taxpayers, and other Parties who are in collaborations with Indirect tax System. As per the Old taxation system state government going to control the Indirect tax named as Commercial Tax Office. Now it is replaced by the Central Government as Goods and Service Tax Network to Maintain “ One Tax One Rate “.
Impact of GST in India
Goods and Service tax impact the high rates for Luxury Goods. As we come to the matter of the Gold In past it is 1% Now it is 3% This will make the overvaluations of the Assets and wrong guides of the public to buy more gold. Every Taxpayer will analyze the Slab Rates of GST.
What are GST Impacts and Benefits on the Indian Economy?
For more GST Circulars and Notification Updates, Tax Related Updates & Visit our official website Regularly.