Goods and Services Tax(GST)
GST is an Indirect tax. It was introduced in India on July 1, 2017, and was applied in whole India. Many people were still confused about GST and the main part is, how GST is beneficial for people, business, and Indian Economy. GST is a most popular topic in India Government from several years. GST is introduced by The Indian Constitution or One Hundred and First Amendment, Act 2017. GST is controlling by GST council and Finance Minister of India.
Goods and Services Tax (GST) is an Updated and Refined indirect tax. GST is a combination of all indirect tax. now if you purchase a product you will not pay any VAT or Service tax you will only pay one Tax which is GST. Goods and Services Tax are in Five rates, 0%, 5%, 12%, 18%, and 28%. There is other GST tax like 0.25% on precious stones and 3% on gold.
GST council announced new GST rates on October 07, 2017. In new rates Packed food, Namkeens, Medicines, Plastic waste, Rubber waste, Paper waste, cullet, and other waste of glass reduced from 18% to 5% GST. The GST council is improving GST day by day.
The Major benefit of GST is a removal of Cascading Tax In simple word Cascading tax mean “Tax on Tax“.