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What is GST full explain?

What is GST full explain?

GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc.

What are the 4 types of GST?

There are four different types of GST as listed below:

  • The Central Goods and Services Tax (CGST)
  • The State Goods and Services Tax (SGST)
  • The Union Territory Goods and Services Tax (UTGST)
  • The Integrated Goods and Services Tax (IGST)

What is the GST rate in 2021?

The rate of Service Tax was 15% which has now increased to 18% for GST.

What is new GST rate?

The GST Council revises the rate slab of goods and services periodically.

Revision of GST Rates announced in the 31st GST Council Meeting.

Goods or commodities New rate Old rate
Agglomerated cork 18% 12%
Cork roughly squared or debugged 18% 12%
Articles of Natural cork 18% 12%
Movie Tickets worth Rs.100 or less 18% 12%

Who is the father of GST?

Atal Bihari Vajpayee

To create a GST model, Vajpayee formed a group under the leadership of West Bengal’s Asim Dasgupta, the state’s finance minister. In India, the GST was ultimately implemented in 2017. Therefore Atal Bihari Vajpayee is known as the father of GST.

What type of tax is GST?

indirect tax
Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

What is GST category?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). The taxation rate under each of them is different.

What is types of tax?

In a broader term, there are two types of taxes namely, direct taxes and indirect taxes. The implementation of both taxes differs. You pay some of them directly, like the cringed income tax, corporate tax, wealth tax, etc., while you pay some of the taxes indirectly, like sales tax, service tax, value added tax, etc.

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.

Which state passed GST first?

The single pan-India tax will replace the excise duty, countervailing duty and service tax, as also state taxes such as value-added tax, entry tax and luxury tax. Assam is the first state of India to pass GST Bill.

Who first introduced GST?

Genesis. The idea of moving towards GST was first mooted by the then Union Finance Minister in his Budget speech for 2006-07. Initially, it was proposed that GST would be introduced from 1st April 2010.

Which country 1st used GST?

France was the first country in the world to implement Goods and Services Tax (GST). More than 140 countries across the globe have implemented the GST.

Who is founder of GST?

Vajpayee set up a committee headed by the Finance Minister of West Bengal, Asim Dasgupta to design a GST model. The Asim Dasgupta committee which was also tasked with putting in place the back-end technology and logistics (later came to be known as the GST Network, or GSTN, in 2015).

What is an HSN code?

HSN stands for Harmonised System of Nomenclature code. This is a 6-digit code that classifies various products. Manufacturers, importers and exporters have been using HSN codes for a long time now. The HSN code contains 21 sections. These are divided into 99 chapters which are divided into 1244 sections.

Why GST is introduced?

To subsume a majority of the indirect taxes in India
There was no unified and centralised tax on both goods and services. Hence, GST was introduced. Under GST, all the major indirect taxes were subsumed into one. It has greatly reduced the compliance burden on taxpayers and eased tax administration for the government.

Who is the head of GST?

Finance Minister Nirmala Sitaraman
The current Finance Minister Nirmala Sitaraman is the current chairman of the GST Council.

Who is called Father of GST?

In India, it was the Government of India headed by former Prime Minister Atal Bihari Vajpayee who set up a committee headed by former Finance Minister of West Bengal, Asim Dasgupta to look into the prospects and modalities of implementing GST in India. GST was finally launched in India in 2017.

Who is called Father of GST in India?

Which country has first GST?

WHO launched GST in India?

Seven months after the formation of the then Modi government, the new Finance Minister Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority. In February 2015, Jaitley set another deadline of 1 April 2017 to implement GST.

What is B2B and B2C in GST?

As per GST terms, B2C Supply The terms B2C and B2B are used very frequently these days, these are stand for ‘Business to Consumers’ and ‘Business to Business’, these two are totally different kind of transactions because the intention of transaction are altogether different.

What is the HSN code for 12% GST?

HSN Code 0101 to 2202 for 12% GST Rate Items
[Substituted w.e.f. 01.01. 2022 vide Notification No. 18/2021-Integrated Tax (Rate), G.S.R. 893(E) dated 28.12.

Who introduced GST first?

Who is the founder of GST?

Which country launched GST first?