Facts About GST (Goods And Services Tax)

Facts About GST

Goods and Services Tax (GST) is an indirect tax that was levied as of 1 July 2017 in India. The main aim of the introduction of this tax is to make the country a uniform tax structure. Incidence of tax evasion would decrease in the country due to the introduction of the GST. So GST would increase the Government’s overall tax collection. We offer 20 main facts related to the goods and services tax (GST) in this article.

Facts About GST (Goods And Services Tax)

In France the Goods and Services Tax (GST) was first introduced.

The GST of India is based upon the Canadian model.

GST was established in India on the recommendation of the Vijay Kelkar Committee.

GST was introduced in India on 1 July 2017. Assam was the first State that introduced the GST.

Amitabh Bachchan became GST brand ambassador.

According to Article 279 of the Indian Constitution GST was introduced.

The GST Council was established in September 2016 by the President of India.

Minister of Finance Arun Jaitley currently chairs the GST Committee.

GST Council currently has 31 members.

The 101st Constitution Amendment Act, 2016, introduced GST.

The GST was the 122nd draft constitutional amendment to be adopted in India’s parliament.

On September 8, 2016, the President of India approved the GST bill.

When the GST bill was passed in parliament; there were 336 votes cast in favor of the GST bill and 11 votes against it.

Of those who don’t pay GST, there is a clause of 5 years in prison.

GST has 5 tax rates, i.e. 0%, 5%, 12%, 18%, and 28%.

In broader terms, GST is an indirect tax that can be considered a federal tax. 

Only sales tax, service tax, customs duty, excise duty, VAT, Octroi tax etc. may remain after GST is enforced.

Facts About GST

The primary reason behind the GST implementation is to bring about uniformity in the country’s tax system.

How does the economy get benefit from GST?

GST would ensure smooth credit flow through the supply chain, thus resolving tax cascading inflationary effects.

In addition, GST would open the Indian economy to FDI through foreign investors who are hesitant to invest in India owing to its complicated tax structure.

Our Social Media Links :

Facebook – https://www.facebook.com/NUTSHELLSCHOOL

Instagram – https://www.instagram.com/nutshell_school/

Nutshell School

Recommended For You

Nutshell School

About the Author: Nutshell School


  1. Great V I should definitely pronounce, impressed with your website. I had no trouble navigating through all the tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, web site theme . a tones way for your customer to communicate. Excellent task..

  2. A person necessarily assist to make critically posts I’d state. That is the very first time I frequented your website page and so far? I surprised with the research you made to make this actual post amazing. Great activity!

  3. A formidable share, I simply given this onto a colleague who was doing a bit analysis on this. And he in reality purchased me breakfast because I found it for him.. smile. So let me reword that: Thnx for the deal with! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love studying more on this topic. If potential, as you become expertise, would you mind updating your blog with extra particulars? It is highly helpful for me. Huge thumb up for this blog publish!

  4. I was suggested this web site by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my difficulty. You’re amazing! Thanks!

Leave a Reply

Your email address will not be published.