GST…!!! Oh Yeah, It is really Crispy and Hot topic, now a days every single person is talking about it . Some are worried, some are excited. So we are going to tell you about, What is GST? And What are the different types of GST?
First of all, we just want to tell you that “GST IS LOT LIKE WIFE”
- You’ve to report everything you do.
- Will keep you busy and won’t let you do any other stuff apart from herself.
- You’ve to remember dates, else Failure will lead you in problems.
- You had many of Ex-girlfriends like Value added Tax (Nick name – VAT), Service Tax, Excise Duty and now you’ve to deal with only one, – GST
Now we are going to learn –
What is GST?
What is the History of GST?
What are the Types Of GST?
What is GST?
- GST (Goods and Service Tax) is an indirect tax.
- It is replaced with many of central and state Taxes like Excise Duty, Service Tax and VAT.
- It is single comprehensive Tax levied on all goods and services supplied in India as well as those imported from other countries.
What is the History Of GST?
- 1954 : France was the First country to Implement GST in Year 1954.
- 2000 : Prime Minister Atal bihari vajpayee set up a committee to draft GST Law in India
- 2017 : Rajya Sabha Passes four supplementary GST bills. Finally GST Implemented in India on 1st July 2K17.
What are the Types Of GST?
There are four types of GST:
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- Central Goods and Services Tax (C GST)
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- State Goods and Services Tax (S GST)
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- Integrated Goods and Services Tax (I GST)
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- Union Territory Goods and Services Tax (UT GST)
