Important Facts about Goods and Services Tax for exams
Goods and Services Tax (GST), an indirect tax came into effect from 1st July 2017. the main purpose is to make a uniform tax system in the country.
First Time Goods and Services Tax (GST) Implemented | France |
India’s GST Model | Canadian model |
When implemented | 1st July 2017 |
First state Where GST was implemented | Assam |
Brand ambassador of GST | Amitabh Bachchan |
Implemented under Article | Article 279 |
GST bill Approval by President | 8th September 2016 |
5 rates of taxes | 0%, 5%, 12%, 18% and 28% |
Various Types of Direct Taxes | Income tax corporate tax Wealth tax Gift tax Estate duty Expenditure tax Fringe Benefit Tax |
Various Types of Indirect Taxes | Service tax Excise duty Value added tax Custom duty Securities Transaction Tax(STT) Stamp Duty Entertainment tax |