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| About GST in India |
About GST in India
In this article we are discussing some important points about GST, which are really important for our knowledge and exam also.
After the Independence of India, GST implication on indirect tax structure in India is a historical reform. The implication of GST in Indian indirect tax structure came through a long journey and massive discussion. GST has been implemented in Indian tax structure on 1st July 2017. GST replaced 17 types of indirect taxes of state and central Government. It reduces the cascading of taxes from the tax bearer and gives a uniformity of taxes among the states, which help to develop the business throughout the country.
History of GST in India
France first adopted GST on indirect tax structure in 1954 to replace all the turnover taxes. Worldwide more than 150 country adopted GST on their indirect tax structure. In India the former Prime minister Atal Bihari Vajpayee bought the issue of GST in discussion in the year 2000. The issue of GST discussed in the report of Kelkar task force in 2003. The empowered committee finalized views over GST and submitted report in 2008, titled it “A model and road map for Good and Service tax in India”.
Must read - 1) What is Goods and service tax and its types?
2) Progressive, Proportional and Regressive tax, Definition and Examples
The 122nd Amendment GST bill was introduced in the Lok Sabha by Union Finance Minister Arun Jaitely on 19th December 2014. Both the house passed and cleared the bill and Rashtrapati (President of India) signed the bill on 8th September 2016.In constitution 101 amendment bill included as a GST bill. India following the Canada GST structure and after implementation Assam was the first state who adopted GST in their indirect tax structure and Jammu & Kashmir was the last state who adopted GST on their indirect taxes later. In Article 269A I-GST included in the constitution and GST council included in Article number 279-A. As per the GST rule generally we have to clear the return tax file three times in a month, in case of any negligence, you have to be punished five years in jail.
There are four types of GST in India C-GST, S-GST,I-GST and UT-GST. Slabs of the GST are 0%, 5%, 12%, 18% and 28 %. Some commodity are exempted from the GST, they are electricity, petrol, diesel, gas and alcohol.
When we registered GST we get 15 digit GST identification number which is called GSTIN, the full form of GSTR is Good and Service Tax Return.
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