Information/ Highlights about GST
Everybody in the country knows about the new scheme propose by the honorable prime minister of India Shri Narender Modi i.e GST (Goods and Services Tax).This topic is now gonna be a gossip all over the country.
This tax is proposed by the Indian Government in order to remove a number of taxes that were imposed on various commodities . From 1st July 2017 , get used to all new tax regime . GST , India’s biggest tax reform since independence kicks a single tax over country’s markets.
We are publishing this article in order to help the students study about GST and improve their performance in the exams or for writing compositions these highlights can be used .
India is now the 161st country to implement GST in all over country . The first country to implement GST was France in the year 1954. Jammu & Kashmir doesn’t come under its ambit so far however it is expected that soon this state will also embrace this one of the biggest tax reforms . Under GST Four slabs will remain in existence. GST covered around 1211 commodities under it .
Before GST there were around 17 taxes and 23 cesses imposed on the shopkeeper’s in India . GST will replace all of them at once .The government is to push the GST from 1st April .From today the we buy goods and services will change without the roll out of the roll out of new indirect taxation system.
The GST rate on fertilizers would be reduced from 12 per cent to 5 per cent and on the exclusive part of tractor from 28 per cent to 18 per cent.The limit for exemption from levy of GST is Rs 20 lakhs for the states .There will be a dual GST in both center and state . GST will bring uniformity in the taxes all over the country .
This is a very huge step taken by the government of India after demonetization which was taken in order to curb the black money out from the corrupt people . The parliament held around 18 meetings to pass this law in the country . There is very nuisance about this topic , shopkeepers aren’t happy with this decision of the parliament as it will reduce their income .
Let’s hope this step should also be successful as it is in the favor of the Indian population which will save them their rights of market. I am in the support of this decision . Whether you are or not with the government or not post it below in the comments section below . For more information keep coming our website.