5 Interesting Facts About GST

Goods and Services Tax  Indirect known as ( GST )  Tax in India on July 1, 2017  Introduced.  The That Basically  July 1 'GST  Day is c...

Goods and Services Tax Indirect known as (GST) Tax in India on July 1, 2017 Introduced. 
The That Basically July 1 'GST Day is celebrated as. The same tax across the country. This is the implementation of the method Is the purpose of taxation.

GST As it has come into force, the tax Evasion crimes will be significantly reduced.

 

5 Interesting Facts About GST For You

 1. 20 Years Of GST

  • 20 years of GST in India Yes, that is true!  Atal Bihari It is the Vajpayee-led government About GST in the year 2000 The discussion began.
  • Then may was the Finance Minister of Bengal One led by Azim Dasgupta and the Empowered Committee Set for it.

 2. Countries where GST is in Force Currently

  • GST or VAT or Integrated taxation like these The method is practiced in 160 countries around the world Is.  France is the first in the world It was only in 1954 that GST was introduced.
  • Federal of Central and State Governments, Taking place in India, accordingly Central GST, Dual GST as state GST Is in practice.  Except for India Dual GST system only in Canada Is in effect.

 3. GST Taxation Percentage

  • Globally, the GST tax rate varies from country to country.  Hungary levies a 27% GST, up from 1.5% in Aruba.  In India, the GST Council is proposing a four-tier levy, including two base rates of 12% and 18%.
  • It is recommended to levy a minimum of 5% on essential commodities and a maximum of 28% on luxury and non-promotional items.

 4. Constitution of India Act

  • The GST came into force in 2016 with the 101st Amendment to the Constitution.  The 122nd Constitutional Amendment Bill, introduced in the Indian Parliament, is about GST.
  • On September 8, 2018, the then President Pranab Mukherjee approved the GST bill.

 5. Daily Communication

  • Bollywood megastar Amitabh Bachchan has been appointed as GST's publicity ambassador to create and promote awareness about GST.
  • Like the three colors of the National flag, the campaign was carried out on the basis of 'One Country, One Tax, One Market' as the Indian unifying line.

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Markets Story: 5 Interesting Facts About GST
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