This is Ravi Verma, today I am writing about the history/basics of GST.
- What is GST?
Different indirect taxes were being levied all over India, due to which many small businesses and companies used to waste all their time due to tax, due to which they could not concentrate on their business growth. So in view of all this, the Government of India removed all indirect taxes and instead imposed only one tax, which we call GST.
- What are the types of GST?
There are four types of GST
- CGST:- Central Goods & Service Tax (Under this tax, 50% of the tax levied by the government is given to the central government, and 50% to the state government.)
- SGST:- State goods & Service Tax (Under this tax, 50% of the tax levied by the government is given to the state government, and 50% to the central government)
- IGST:- Integrated Goods and Services Tax (In such a situation, when we buy goods in other states, then at that time we pay IGST to the government, out of which half goes to the central government and half to the state from where we bought it)
- UTGST:- Union Territory Goods and Services Tax (When we supply goods/services to a union territory in that state, we have to pay C.G.S.T and U.T.G.S.T)
When was GST introduced in India?
TheIn which country GST was first implemented in India? GST was introduced in India on 1st July 2017.
Who is the father of GST in India?
Atal Bihari Vajpayee Ji had suggested the introduction of GST in India in the year 2000.
Which country first introduced GST?
France was the first to introduce GST, it removed all taxes and implemented GST in its country.
Who is the Finance Ministry in India?
Nirmala Sita Raman is the Finance Minister of India
What is the GST rate in India?
0%:- Goods that come in our regular use like Vegetables, Eggs, Fruits, Nature Honey, Live Sheep & Goat, all these are categorized in 0% category
5%:- Packed items are covered under this tax like sugar, tea, paneer, mustard oil, Footwear items up to Rs.500/-, Clothing up to Rs.1000/-
12%:- Within this are covered in Badam, Ghee, Makhan, Fruit juice, Clothing more than Rs.1000/-,
18%:- Within this are covered in professional fees, hair oil, tissue, computers, Mobile phone, etc.
28%:- Within this are covered in the motor vehicle, perfume, Pan masala, car, refrigerator, Makeup kit, etc.
In which State GST was first implemented in India?
In India, GST was first implemented in the country of Assam on 12th August.
Was there any other state in India to implement GST?
Bihar was the second country to implement GST in India.
In which State GST was Third implemented in India?
In India, GST was Third implemented in the State of Jammu & Kashmir on 05th July.
When was the GST Bill approved and by whom?
The GST Bill was approved by the President of India on 8th September 2016.
How many Alpha-numerical is the registration number of GST?
GST number 15 in India is alphanumerical.
In which article of the Constitution of India, GST has been placed?
GST has been placed in Article 279A of the Constitution of India.
What is the name of the person who made the GST Bill?
The name of the GST bill maker is Asim Das Gupta.
Under which tax GST is placed?
GST is placed under the indirect tax.
In which constitutional amendment of India GST was introduced?
GST was introduced in the 122nd Constitutional Amendment of India.
When was GST introduced in Lok Sabha?
GST was introduced in Lok Sabha on 03-August-2016.
How many states together approved GST?
15 states together had approved the implementation of GST.
Under which constitutional amendment GST was added in India?
GST was added in India under the 101st Constitutional Amendment and it was implemented on 1st July 2017.