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 |