Goods and Services Tax
Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.
Comprehensive because it has subsumed almost all the indirect taxes except a few.
Multi-staged as it is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.
A destination based tax, as it is collected from point of consumption and not point of origin like previous taxes.
Tax slabs:Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.
Exemptions: However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime.
GST Council
GST Council is the governing body of GST. It is headed by the Union finance minister, who is assisted by the finance ministers of all the states of India.
It is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.
It is also responsible for revision of rates of the goods and services in India.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. It is a comprehensive multistage, destination based tax.
Comprehensive because it has subsumed almost all the indirect taxes except a few.
Multi-staged as it is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.
A destination based tax, as it is collected from point of consumption and not point of origin like previous taxes.
Tax slabs:Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.
Exemptions: However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime.
GST Council
GST Council is the governing body of GST. It is headed by the Union finance minister, who is assisted by the finance ministers of all the states of India.
It is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.
It is also responsible for revision of rates of the goods and services in India.
