GST 2018. Latest Updates, Notifications 18 June 2018
GST 2018 latest important updates with clear and detailed information are provided here, Candidates can check all essential details of GST 2018 instantly here and Through this GST schedule, candidates can make the strategy for the Preparation of exam. Direct Official Link for each recent Updates on GST is Provided in this Page. Find recent news of GST 2018 verified on June 18, 2018.
All things you need to know about GST is granted here. Grab all essential points on Goods and Services Tax shortly GST, from this page. Explore the need, benefits and working of GST in India. Know the concept of CGST, SGST, IGST. Discover exact GST rates for all goods and services, here. In this page, you can obtain new updates on GST instantly.
Synopsis of GST in India:
|GST Full Form||Goods and Services Tax|
|Came into force across India (except Jammu & Kashmir) on||1 July 2017|
|GST launched in Jammu and Kashmir on||July 8, 2017|
|GST To be levied on||Supply of goods or services|
|GST Applicable||Throughout India|
|Four-tier final GST rate slabs||5%, 12%, 18% and 28%|
|13 Indirect Taxes replaced by GST||Central Excise Duty,
Special Countervailing Duty,
Value Added Tax (VAT),
Central Sales Tax (CST),
Taxes applicable on lotteries.
|GST introduced by||Arun Jaitley|
|Chairman of GST Council||Arun Jaitley|
|Introduced as Act||The Constitution (One Hundred and First Amendment) Act 2016|
|Constitutional Amendment Bill||Constitution 122nd Amendment Bill, 2014|
|Idea of GST first raised||during meeting in 1999 between Prime Minister Atal Bihari Vajpayee and
three former RBI governors
namely IG Patel, Bimal Jalan and C Rangarajan.
|GST Bill First published in 16th Lok Sabha on||December 19, 2014|
|GST Bill - Date Passed in Rajya Sabha||03 August 2016|
|Amended GST Bill was passed by the Lok Sabha on||8 August 2016|
|GST Bill received assent from President Pranab Mukherjee on||8 September 2016|
|Article||Article 368 of the Constitution|
|First state which ratified the GST bill||Assam (on 12 August 2016)|
What is GST?GST - Marvelous way for a new Common National Market.
Goods and Services Tax (GST) is an indirect tax at the national level, levy on consumer when buying goods or services. This is the single tax levy on goods and services, from the manufacturing stage until its delivery stage. GST came into effect throughout India on 1 July 2017 and replaced several cascading indirect taxes levied by the central and state governments.
Goods and Services Tax is a comprehensive nationwide indirect tax on the manufacture, sale and consumption of goods and services. This is the great step in the field of India’s indirect tax reforms since independence. Goods and Services Tax (GST) can also be considered as ‘Consumption or Usage tax’.
Know the exact History of GST in India now.
GST Related Pages updated on 18 Jun 2018
Why GST in India?
- The main aim of GST is to bring “One Nation, One Tax” system.
- In India, there was several indirect taxes for goods and services, which vary from one state to another.
- The GST Bill aims to provide an ‘uniform tax rate’ for all goods and services throughout India.
- Under GST Bill, each citizen can pay ‘one single tax’ on goods and services, from the manufacturing stage until its delivery.
- This reduces multiple taxes levied by
- centre (excise tax, service tax etc),
- by state (VAT, CST, entry tax etc) and then
- also by local municipal bodies (octroi, LBT etc).
Benefits of GST:World’s first country implemented GST Law is France (in the year 1954). More than 160 countries have implemented this GST system. Following are the great benefits of GST in India.
Consumer side benefits:
- Uniform prices for goods and services throughout India.
- GST surely reduces tax burden of Indian citizens by removing multiple indirect taxes being levied by the Centre as well as State, as the cost of most goods and services in India today are laden with many hidden taxes.
- This means that consumer will now bear only the GST charged at the previous point of the supply chain and not from the manufacturing stage. This reduces tax burden for final consumer.
- Final cost of goods is expected to be lower due to seamless flow of input tax credit between the manufacturer, retailer and service supplier.
- Overall tax on several commodities and services will come down. This will benefit consumers more.
Benefits for Central and State Governments:
- GST replaces several indirect taxes at the Central and State levels, which leads to Simple and easy administration of tax system throughout India.
- GST will also make Indian products competitive in the domestic and international markets, which gains huge profit for Central and State Governments. GST would have a boosting impact on India’s economic growth.
- Improve the overall investment climate in India which will naturally benefit the development in the Indian states.
Benefits for Business and Industry:
- Free Flow of Goods and Services - No Checkpoints.
- Reduction in multiplicity of taxes:- There will be a common market in the absence of CST (Central Sales Tax - indirect tax imposed only on goods sold from one state to another state) and entry tax.
- Simpler Invoicing:- At present, the invoices are more detailed because taxes on goods and services are written separately for one transaction. With the implementation of GST, only one rate will be written.
- GST replaces entry tax:- Abolition of entry tax is great boon for the movement of goods by road transport.
- Relief on Big central excise tariff:- Eight digit classifications under central excise tariff (like 44079990, 76069110.) will be replaced by one rate.
- With the implementation of GST, zero rating is more comprehensive.
- Companies with the turnover of Rs. 20 lakh (Rs. 10 lakh for special category state) annually are exempted from GST.
- More efficient neutralization of taxes especially for exports.
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