Good & Services Tax [ GST ]

 20 Facts about Goods and Services Tax (GST) 

What is GST?  

 20 important facts  about related to Goods and Services Tax .

Goods and Services Tax (GST) is an indirect tax which has been implemented in India from 1 July 2017.  The main objective of implementing this tax is to introduce a Goods Tax System in the country.  

The implementation of GST will reduce tax evasion in the country, due to which the 'tax income' of the government will increase a lot.  In this article, 20 important facts related too Goods and Services Tax (GST) are being given to the students preparing for various competitive examinations. 

 1. The Goods and Services Tax (GST) was first introduced in France.

2. India's GST is based on the Canadian model.  

3. GST was implemented in India on the basis of the recommendation of Vijay Kelkar Committee. 

 

4. GST was implemented in India from 1 July 2017 5. Assam was the first state to implement GST. 

 6. GST's brand ambassador Amitabh Bachchan has been created.  

7. GST has been implemented under Article 279.  

8. The GST Council was formed by the President of India in September 2016. 

 9.

Finance Minister Arun Jaitley is currently the chairman of the GST Council.  

10. At present there are 31 members in the GST Council.  

11. GST has been implemented by the 101st Constitutional Amendment Act, 2016.  

12. GST was the 122nd constitutional amendment bill.  

13. The GST bill was approved by the President on 8 September 2016.  

14. A total of 336 votes were cast in favor of GST Bidhayak and 11 in the opposition.  

15. GST provides a punishment of 5 years for those who steal.

17.GST is an indirect tax. 

 18. Due to the implementation of GST, sales tax, service tax, customs duty, production duty, VAT, octroi will be abolished.  

19. The biggest reason for the government to implement GST is to bring uniformity in the tax system of the country. 

 20. After GST is implemented, the taxation system over the tax in the country will end.  

All the above facts are definitely asked in some competitive examination, so it is very important to read all these facts carefully.  Hopefully these facts will be helpful in your success.

What is GST bill?  (What is GST Bill?): The GST bill is a major step in reforming India's tax structure.  Goods and Service Tax is an Indirect Tax law.  

GST is a unified tax that will levy both goods and services.  

With the introduction of the GST bill, the entire country will be transformed into a unified market and mostly indirect taxes like Central Excise, Service Tax, VAT, entertainment, luxury, lottery tax, goods and services.  

Vala cess and surcharge etc. will be absorbed in GST.  Now the same type of indirect tax (GST) will be levied all over India.  

Why is the Goods and Services Tax important?  Under the current tax system, when the trader produces, the production tax exports, then the customs duty and when he sells the goods inside the country, he pays the sales tax.  Thus inside the present system.

  That is, tax is levied on the tax under India's current tax system (this is called cascading effect).  Therefore, the main objective of the government to bring Goods and Services Tax is to eliminate all these indirect taxes and impose the same type of tax in the whole country.