Goods and Services Tax(GST)
Goods and Services Tax (GST) is an indirect tax relevant throughout India which changed various cascading taxes accessed by the central and state governments. It was introduced as The Constitution Act 2017. next the passing of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. 1st July, GST Tax Rate in India Rate Slabs 5%, 12%, 18% & 28%. Combined GST rate is being discussed by the Government. After the total GST rate is arrived the center and state will decide on the CGST and SGST rate. Gold and rough diamonds do not fall under the current rate slab ambit and will be taxed at 3% and 0.25% respectively . Current scenario: No tax (0%) will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, Prasad, salt. Sin door, stamps, judicial papers, printed books, newspapers, bangles, handloom, Bones and horn cores,...