What is GST in Short ?
General Service Taxation (GST) scheme known as Good and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It is introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by GST Council and its Chairman is Finance Minister of India. Under GST, goods and services will be taxed at the following rates, 0%, 5%, 12%, 18%, 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.
Goods and Services Tax (GST), India’s biggest tax reform in 70 years of independence, was launched at midnight of 30th June 2017 by Prime Minister Narendra Modi, a demagogue who previously opposed GST when he was CM of Gujarat as same was done with other policy of Congress, at Parliament’s historic Central Hall, in the presence of President Pranab Mukherjee. It was the fourth time since Independence that an event was held there at midnight. One of them being India’s Independence where Nehru gave his Tryst With Destiny speech. Congress boycotted the GST launch altogether. It was joined by TMC, Left & DMK. GST, which replaces a slew of indirect taxes with a unified tax, is set to dramatically reshape the country’s 2 trillion dollar economy.