Home Static GK Important Facts about Goods and Services Tax for exams

Important Facts about Goods and Services Tax for exams

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 ModelCanadian model
When implemented1st July 2017
First state Where GST was
implemented
Assam
Brand ambassador of GSTAmitabh Bachchan
Implemented under ArticleArticle 279
GST bill Approval by President8th September 2016
5 rates of taxes0%, 5%, 12%,
18% and 28%
Various Types of Direct TaxesIncome tax
corporate tax
Wealth tax
Gift tax
Estate duty
Expenditure tax
Fringe Benefit Tax
Various Types of Indirect TaxesService tax
Excise duty
Value added tax
Custom duty
Securities Transaction Tax(STT)
Stamp Duty
Entertainment tax

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