Government of India is planning to introduce GST(Good and service tex) i.e. Goods and Service Tax for over a year now and still there are people who are unaware about GST. Here are some interesting and fascination facts about it:-
- In the year 2000, the Vajpayee government started a discussion on GST(Good and service tex) after setting up a committee headed by Asim Dasgupta the then finance Minister of West Bengal. So it’s been 17 years since GST was introduced in India.
- Out 195 total countries in the world 160 countries already working on GST. France was the first country to implement GST(Good and service tex) and Canada and India are the only two countries with dual GST structure- Central GST and State GST.
- Rate of interest in GST varies from countries to countries. In India it has been proposed four-tier rate structure with two standard rates-12% and 18% and for essentials it’s going to be lower of 5% and higher for the luxury goods of 28%.
- With the introduction of GST, the Constitution of India has been amended as there was no
concurrent power of taxation between Central and State.
- The last date for implementing GST is 15 September 2017 after which government will not have any powers to collect any indirect tax till the GST is implemented.
- Sad news for Alcoholic or the liquor consumption people in India as it has been kept outside the boundaries of GST that means state excise duty and VAT will still be applicable on alcohols.