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Goods & Services Tax (GST)

Goods & Services Tax (GST) :
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Goods & Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments.

It is introduced as The Constitution (One Hundred and Twenty Second Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill.

The GST is governed by GST Council and its Chairman is Finance Minister of India. Under GST, goods and services will be taxed at the following rates, 0%, 5%, 12%, 18%, 28%.

There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.

The GST regime is set to be in force from 1st July 2017 with a special midnight session in the Central Hall of the Indian Parliament to commemorate the occasion.

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