( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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A LOOK AT THE GST IN TERMS OF INDIA

    1 Author(s):  PRO. LAXMAN. S. HATHILA

Vol -  10, Issue- 3 ,         Page(s) : 146 - 152  (2019 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Since July 1, 2017, the new tax regime across the country has become "Goods and Services Tax" - GST. GST started in the world in 1954. When India became the 161st country A special session of Parliament was called in midnight to implement the GST law in the country. President Pranab Mukherjee and Prime Minister Narendra Modi launched the GST Act by pressing the button. This was the third session convened by the Central Night of Parliament. The first session of the country was called after independence. The second session was called to apply GST law to the country on the occasion of 50 years of Independence of the country, 2017. Goods and services are divided into five tax slabs for tax collection. Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, Petroleum products, alcoholic drinks, electricity, are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime.[citation needed] There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.[1] In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.[2] Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range

1.  All your queries on GST answered". The Hindu. Retrieved 30 June 2017.
2.  "GST: Cars, durables face 28% rate; luxury vehicles to attract 15% cess", Business Standard, 18 May 2017
3. "Film theatres in Tamil Nadu to begin indefinite strike against GST". The Hindu. 2 July 2017. Retrieved 3 July 2017.
4.  http://www.business-standard.com/article/economy-policy/gst-impact-trucks-travel-time-in-interstate-20-says-govt-117073000276_1.html
5.  "Looking back at 's journey: How an idea is now near reality", Indian Express, 31 March 2017
6.  Jump up to:a b c "GST: A 17-year-old dream, 17 phases towards creating history", India Today, 29 June 2017
7.  "Goods and Services Tax: History of India's biggest tax reform and people who made it possible", India TV, 29 June 2017
8.  "GST: Meet the men behind India's biggest tax reform that's been in making for 17 years", India Today, 29 June 2017
9.  Nair, Remya (8 June 2015), "Rajya Sabha panel to hear GST concerns on 16 June", Live Mint

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