Goods and Services Tax (GST)
Goods and Services Tax
✔️According to 101st constitutional Amendment Act 2016 GST enforce in the all over India.
✔️GST comes under 122nd Amendment Bill.
✔️ Indian GST model based on the Canadian Dual GST model.
✔️GST divided between four parts CGST, SGST, IGST, UGST.
✔️IGST also called Destination GST
✔️France was the first country to enforce GST in 1954.
✔️India is the 161th country to who enforce GST.
✔️GST full form is Goods and Services Tax.
✔️GST is an indirect tax.
✔️There are four type of slab in GST 5%, 12%, 18% ,28% in constitution GST council has been added in Article 279A.
✔️India enforced Goods and Services Tax (GST) from 1 July 2017 in all over country.
✔️ GST was the first proposed in India year 2000
✔️Finance minister is the chairman of GST council.
✔️ Formar Finance minister Arun Jaitley was the first chairman of GST council.
✔️ Finance minister Nirmala Sitaraman is the Current Chairman of GST council.
✔️33 members are in the GST council.
✔️ The first state which implement the GST was Assam.
✔️The Headquarter of GST council is located New Delhi.
✔️ The GST council has fixed the trashhold limit for exemption of tax to be ₹ 20 Lac.
