1. Fresherslive  » 
  2. News  » 
  3. GST. Today's...GST. Today's GST, GST Bill, GST Types and All Details and Latest News on GST.

GST. Today's GST, GST Bill, GST Types and All Details and Latest News on GST.

Updated: Sep 21,2019 12:46 IST

Vikram Sharma

GST. Today's GST, GST Bill, GST Types and All Details and Latest News on GST.
GST stands for Goods and Service Tax which was launched in the year 2017 and is applicable for sale of goods and services. Taxes that were collected under various categories are tagged under single common tax name GST. Types of GST, GST Bill, GST Calculation and details relating to GST are given in the article.

What is GST?

GST or Goods and Services Tax is the value added tax levied upon the goods and services sold for domestic consumption. The tax charged at every stage of production process is refunded to all parties in the production chain except the end customer/consumer. The single GST replaced several taxes and levies which included: central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. This GST was implemented by Prime Minister Narendra Modi has a object to find a way to the common national market. This will in turn increase a competition in India as well as globally for the Indian goods and services.

What are the Types of GST?

GST has brought a reform in the taxation in India. Various types of indirect taxes replaced by GST is categorised under four categories. The four types are
  • CGST - CGST is a Central Goods and services tax. It is applicable on suppliers dealing within the state. Taxes which are collected will be shared with the central authority body.
  • SGST - SGST is a state Goods and services tax. It is applicable to suppliers who dealing within the state. Taxes which are collected will be shared to state authority body.
  • IGST - IGST stands for an Integrated Goods and services tax. It is applicable to suppliers who dealing interstate business and import transaction. Taxes which are collected will be shared to central and state authority body.
  • UTGST - If the transaction is related to any union territory.

What is GST Rates?

GST imposed different slabs of GST Rates for various products. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than Rs. 100 and 28% GST on tickets costing more than Rs.100 and 5% on readymade clothes. The rate on under-construction property booking is 12%. Most of the products and services fall under the category of GST.  In some types of foods, GST is not applicable namely fish, honey, milk, eggs, meat, curd, buttermilk, fruits, sindoor, bindi, newspapers, handlooms, salt, besan, etc.

What is an e-Way Bill?

An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It was made mandatory for inter-state transport of goods from 1st June 2018. It is required to be generated for every inter-state movement of goods beyond 10 kilometres (6.2 mi) and the threshold limit of ₹50,000. A unique e-Way Bill Number (EBN) is generated either by the supplier, recipient or the transporter.

What are GST Tax Slabs?

Goods and Services Tax is divided into five tax slabs. They are 0%, 5%, 12%,18% and 28%. GST is exempted for Alcohol for human consumption and Petrol and petroleum products (GST will apply at a later date) i.e. Petroleum crude, High speed diesel, Motor Spirit (petrol), Natural gas, Aviation turbine fuel. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.

History of GST in India

India's biggest tax reform in the 70 years of independence is implementation of GST (Goods and Services Tax), which will help modernise India as Asia's third largest economy. The 17-year-old dream of GST in India unify the US $2 trillion economy with 1.3 billion people into a single market.
Nationwide Goods and Services Tax (GST) has came into effect from 1 July, 2017. This is the marvelous way for a new Common National Market and replaced several cascading indirect taxes levied by the central and state governments.
World’s first country implemented GST is France (in the year 1954). More than 160 countries have implemented GST system. Framework of GST in India had formed 17 years ago. The first move on GST implementation in India was began on July 17, 2000, under Vajpayee Government. In 12 August 2016, Assam became the first state to pass GST. On September 23, 2016, GST Network was formed, it is an online network designed to solve the problems and questions of consumers and businessmen.
 

General Related News

Sardar Patel Scholarship 2020 - Apply Online for Sardar Vallabhai Patel Scholarship 2020 for Student Pursuing Graduation

27 days ago
Sardar Patel Scholarship 2020 for Students Pursuing Graduation: Buddy4Study India Foundation’s Sardar Patel Scholarship 2020 for Student Pursuing Graduation should be applied ....

Aadhar Card Download: How to Download Aadhaar Card Online and Print out e-Aadhaar at UIDAI.gov.in

30 days ago
Aadhar Card Download - Step by Step Procedure to Download Aadhaar Card by Name, DOB, Entrollment Number, Mobile Number or Without Mobile Number at UIDAI Website. UIDAI is an easier ....

Chandra Grahan 2020: Chandra Grahan Lunar Eclipse on June 5, Chandra Grahan Date, Timing in India

31 days ago
Chandra Grahan 2020: The second 2020 Chandra Grahan Lunar Eclipse is set to take place on June 05. The first lunar eclipse took place on 10th January earlier year. On 5th June ....

OSBCL Odisha Liquor Home Delivery Order Online at osbc.co.in - How to order liquor online in Odisha

33 days ago
OSBCL Online Delivery: Odisha State Beverage Corporation(OSBC) Limited resumed its work on Saturday to restart sales of online liquor delivery in Odisha. Liquor home delivery in ....

Aadhar Card for Children. How to Apply Online and Offline Mode and Other Details

35 days ago
Aadhar Card for Children as well as an adult is a voluntary process and can be enrolled for even a newborn baby. Aadhar Card for Children can be got with the proof of address and ....

Aadhar Virtual ID for Aadhar Authentication How to generate VID, Retrieve and More

35 days ago
Aadhar Virtual ID is the 16 digit number which can be generated only by the Aadhar card holders. Aadhar Virtual ID is outlined along with the Aadhar number for the privacy and ....

How to Lock and Unlock Biometrics in Your Aadhar Card Different Methods in Detail

35 days ago
UIDAI had set up a feature for locking and unlocking the cardholders' biometric information. Aadhar Lock and Unlock Biometrics information in Aadhar Card can be done through ....

Aadhar Card for a Non Resident Indian. Procedure to Avail NRI Aadhar and other Information

36 days ago
Aadhar Card for Non Resident Indian can be obtained only by offline mode. To avail Aadhar, a Non Resident of India or NRI must be present in India during the registration of the ....

How to Reapply for Aadhar Card. Steps to Follow and Complete Procedure in Detail

36 days ago
Aadhar Card can be re-applied if the request of the resident for Aadhar enrolment is rejected. Aadhar Card Re-Application can be performed only through a visit to the permanent ....

Link Aadhar Card with Ration Card Procedure Online and Offline in Detail

37 days ago
Link Aadhar Card with Ration Card is a mandatory process to become eligible for receiving some food supplements from the Public Distribution System at the government subsidized ....

Trending News

TN epass Application Form: How to Apply TN epass Chennai @ tnepass.tnega.org? Check TN epass Application Status Online Here

3 days ago
TN epass Application Form: How to Apply TN epass Chennai @ tnepass.tnega.org?. Get TN epass for inter zonal travel during the Chenna lockdown. You can Get TN epass Chennai & ....

X videosxvideostudio.video Editor Pro.apk Download for Android

4 days ago
Xvideosxvideostudio.video editor pro.apk Download: The X videosxvideostudio.video editor pro.apk download is available for most devices like Android, iOs & PC's that can ....

XhamsterVideoDownloader APK: Xhamstervideodownloader Apk for Macbook Pro, PC, Windows 8

4 days ago
xhamstervideodownloader Apk: Choosing the best video xhamstervideodownloader Apk is hard to get an application that offers administration at no cost. In any case, xhamstervideodownloader ....

FMWhatsApp New Update: FM Whatsapp Download Latest Version 8.35 APK, How to download FM WhatsApp Latest Version v8.35 ,Know all the facts about FMWhatsApp

4 days ago
FMWhatsapp: FM WhatsApp v8.35 is a modified app from the original WhatsApp, FMWhatsapp Latest Version 8.35 gives you the right to customize the version to your satisfaction. FMWhatsapp ....

www.xnxvideocodecs.com American Express 2020W: Download xnxvideocodecs com American Express 2020W App Apk free for Android

4 days ago
www.xnxvideocodecs.com American Express 2020W: The Xnxvideocodecs.com American Express 2020W is a free mobile Android App APK introduced by American Express at www.xnxvidvideocodecs.com ....

GBWhatsApp APK Download - Latest Version GBWhatsApp Download 9.37 for Android, How to download GB WhatsApp v9.37, Download Whatsapp GB Android Free

4 days ago
Download GBWhatsApp Android Free - GB WhatsApp APK is the best-modified WhatsApp messenger application in the original form. GB WhatsAPP New Version APK (the Mod version of WhatsApp) ....

YOWhatsApp (YoWA) - YOWhatsApp APK Free Download New Version 2020 for Android, How to download Latest Version YoWhatsapp?

4 days ago
YOWhatsApp - YOWhatsApp (YoWA) APK Free Download New Version 2020 for Android and YoWhatsApp is one of MOD Apk created by Yousef Al-Basha gaining popularity. Well, you need to ....

TnMoviez 2020 - Download TnMoviez HD Tamil Movies, Latest TnMoviez Movies News at TnMoviez in

5 days ago
TnMoviez 2020 - TnMoviez is one of the most visited illegal websites that allows users to download a huge collection of pirated movies for free. TnMoviez Movies Download illegal ....

TorHD 2020 - Download TorHD HD English Movies, Latest TorHD Movies News at TorHD in

5 days ago
TorHD 2020 - TorHD is one of the most visited illegal websites that allows users to download a huge collection of pirated movies for free. TorHD Movies Download illegal online ....

SeeHD 2020 - Download SeeHD HD English Movies, Latest SeeHD Movies News at SeeHD in

6 days ago
SeeHD 2020 - SeeHD is one of the most visited illegal websites that allows users to download a huge collection of pirated movies for free. SeeHD Movies Download illegal online ....

Entrance Exams

VIEW ALL


FreshersLive - No.1 Job site in India. Here you can find latest 2020 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.