Concept of GST

  • Dr. Vaibhav Assistant professor, department of commerce and management, BHU, Varanasi

Abstract

GST will make India one common market with indirect taxes for the whole country. GST is a single and targeted tax on the consumption of goods and services from the manufacturer to the consumer. The tax amount paid at each stage can be used in the next phase of VAT, and GST will in principle only levy the added value at each stage. Therefore, the end user only needs to carry the GST imposed by the last dealer in the supply chain, and they all compensate in the previous step. Goods and Services Tax (GST) is charged at various rates from 0% to 28%. GST Committee stylized completed a four-step GST tax structure of 5%, 12%, 18%, 28% was low and the International Journal rate of international research magazine for compulsory mandatory lower also the highest level of luxury items and luxury goods. Only the government 70 years alone, while in the largest tax reforms in India, GST (Goods and Services Tax) at midnight on June 30, 2017 has been put into effect process took 17 years since 2000, the first Lt; / RTI &get; The launch was immediately released by voting against the resolution, but to show the historic evening of the two parliament in the Congress central hall (June 30, 1-17 1) Session opponents throw against votes. It is the same. It is the double GST that both the center and the state simultaneously impose common tax standards. GST is the central goods and services tax (CGST), the main goods and services tax (SGST), the third goods and services cross-country tax (IGST) are divided into three categories

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Published
2018-04-12
Section
Conference Paper