Good and Services Tax 2017

Good and Services Tax 2017

Full details about GST that is Goods and services tax will enter into our indian economy on june1,2017.

GST divided into four GST slabs namely 5%,12%,18%,28% depending upon various products in indian economy 

What is GST ?

GOODS AND SERVICES TAX has been long pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system. This system is called as GOODS AND SERVICES TAX ( GST is the abbreviated form of Goods & Services Tax). The main expectation from this system is to abolish all indirect taxes and only GST would be levied. As the name suggests, the GOODS AND SERVICES TAX will be levied both on Goods and Services.

GOODS AND SERVICES TAX was first introduced during 2007-08 budget session. On 17^th December 2014, the current Union Cabinet ministry approved the proposal for introduction GOODS AND SERVICES TAX Constitutional Amendment Bill. On 19^th of December 2014, the bill was presented on GOODS AND SERVICES in Loksabha. The Bill will be tabled and taken up for discussion during the coming Budget session. The current central government is very determined to implement GST Constitutional Amendment Bill.

Here is full details about GST