GST (Goods and service tax)

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GOODS AND SERVICE TAX

What is GST?

The Goods and Service Tax effect on 1st July 2017.

GST is a indirect tax After the GST, many taxes had implement Such as custom duty, Excise duty, Service duty VAT (Value-added tax). But now these taxes have removed, And GST came out after.

ONOT (One Nation, one tax)

Direct tax-Income tax, property tax, inheritance tax, world tax etc.

GST have 4 pairs.

CGST (Central Goods and service tax)

SGST (State Goods and Service tax)

UTGST (Union territory good and service tax)

IGST (Integrated Goods and Service Tax)

What is CGST?

Central Goods and Services Tax (CGST) is a tax charged by the central government on the value of goods and services supplied within a state. State Goods and Services Tax (SGST) is charged by the state governments on intra-state transactions of goods and services.

What is SGST?

State Goods and Services Tax (SGST) is one of the four categories under the Goods and Services Tax (GST) system in India, along with Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST), and Union Territory Goods and Services Tax (UTGST). The purpose of the GST system is to replace multiple indirect taxes with a single tax.

What is IGST?

Integrated Goods and Services Tax (IGST) is one of the three taxes that make up the Goods and Services Tax (GST) system in India, along with Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST). The purpose of the GST system is to replace multiple indirect taxes with a single tax.

What is UGST?

Union Territory Goods and Services Tax (UTGST) is one of the four categories of taxes under the Goods and Services Tax (GST) system in India, along with Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST). UTGST is applicable in the union territories of India, which include Chandigarh, Lakshadweep, Daman and Diu, Dadra and Nagar Haveli, and Andaman and Nicobar Islands.

Notesplanet

GST Council → 33 members

1  Ajay Seth– Secretary( profit), Ministry of Finance
2 Amit Mitra– Finance Minister of West Bengal
3 Anurag Thakur– Union Minister of State for Finance
4 Arvind Singh– Chief Secretary, Government of Assam
5 Dr Ajay Bhushan Pandey– Finance Secretary
6 Dr Krishnamurthy Subramanian– Chief Economic Adviser
7 DrM. Ajit Kumar– Chairman, Central Board of Indirect levies and Customs
8 Haseeba. Drabu– Economist and Former Finance Minister of Jammu and Kashmir
9 Himanta Biswa Sarma– Chief Minister of Assam
10 Tubid– Finance Minister of Meghalaya
11 Jammu and Kashmir– Vacant(as of September 2021)
12 Joykumar Singh– Deputy Chief Minister of Manipur
13 K N Balagopal– Finance Minister of Kerala
14 Kailash Gahlot– Minister of Transport, Law and Revenue, Government of Delhi
15 Krishna Byre Gowda– MLA, Karnataka
16 Manish Sisodia– Deputy Chief Minister of Delhi
17 Manpreet Singh Badal– Finance Minister of Punjab
18 Nara Chandrababu NaiduFormer Chief Minister of Andhra Pradesh
19 Nirmala Sitharaman– Union Finance Minister
20 Nitin Gadkari– Union Minister of Road Transport and Highways
21 Pankaj Chaudhary– Union Minister of State for Finance
22 Pema Khandu– Chief Minister of Arunachal Pradesh
23 Pramod Chandra Mody– Chairman, Central Board of Direct levies
24 Ramanath Jhafresh Chief Secretary, Finance Department, Government of Gujarat
25 Sanjay Gupta– Commissioner, Commercial leviesGovernment of Gujarat
26 Satpal Maharaj– Finance Minister of Uttarakhand
27 Suresh Kumar Khanna– Finance Minister of Uttar Pradesh
28 Sushil Kumar Modi– Finance Minister of Bihar
29 Sushil Modi– Deputy Chief Minister of Bihar
30 T Harish Rao– Finance Minister of Telangana
31 Singh Deo– Health Minister of Chhattisgarh
32 Tiru murti– Secretary (Economic Relations), Ministry of External Affairs
33 V. Somanathan– Secretary (Expenditure), Ministry of Finance
rates of GST

4 rates of GST

4% →CONSUMER PRODUCT

12% →LUXURY ITEMS

18% →MORE LUXURY ITEMS

28% → MORE, MORE LUXURY ITEM       

GST start in France → 1954.

GST model follow →Canada.

It indirect tax One → one GST.

5 years of punishment.

GST accepted first time in Assam Jammu and Kashmir last.

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