GST & Tax

Economics · GST और कर · 22 facts

GST launched on 1 July 2017 via 101st Constitutional Amendment Act

GST replaced multiple indirect taxes with One Nation One Tax system

Assam was the FIRST state to ratify GST Amendment Bill

France was the FIRST country in the world to implement GST (1954)

GST has 4 main slabs: 5%, 12%, 18%, and 28%

GST Council (Article 279A) is the apex decision-making body for GST

GST Council chaired by Union Finance Minister + all State Finance Ministers

CGST collected by Centre, SGST by State, IGST on inter-state supply

Alcohol for human consumption is NOT under GST — state excise applies

Petroleum products (petrol, diesel) are currently OUTSIDE GST

GSTN (GST Network) is the IT backbone for filing GST returns

Direct Tax is paid directly to govt (Income Tax, Corporate Tax)

Indirect Tax burden passed to consumer (GST, Customs Duty, Excise)

Income Tax in India governed by Income Tax Act 1961

CBDT administers direct taxes; CBIC administers indirect taxes

TDS (Tax Deducted at Source) — tax deducted before payment is made

PAN (Permanent Account Number) is mandatory for income tax filing

GST registration exempt for turnover below Rs 40 lakh (goods)

E-way bill required for goods movement exceeding Rs 50,000 value

HSN code classifies goods and SAC code classifies services under GST

Composition Scheme: small dealers pay flat rate GST with simpler compliance

Anti-profiteering clause ensures GST rate cut benefit reaches consumers