Meaning of Gst Gst is indirect tax applicable role whole of india include jammu & kashmir. Gst launched on 30 june 2017 Gst is uniform tax every states regulates same rate of tax. Gst manage and control by gst council and chaiirman is the finance minister (mr.arun jaitley) of india
Features of Gst 1. Indirect tax: 2. Composition scheme for small business 3. Taxes comprehensive: 4. Provision of TDS: 5. Common identification number: 6. Harmonised system of nomenclature:
Rates of taxes e Under Gst,taxes rates are 0%, 5%, 12%, 18%, 28%, Higher rates of taxes: on luxury items tax rate 28% tax+ cesses( tax on tax) Except items under scope of Gst: petrol,Diesel, Electricity, Alcohol for human consumption, outside the scope of gst.
Conclusion e With the introduction of Gst,the indian tax system has improved greatly and government revenue increasing
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