All about GST

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Now a days every one of you know that we are giving GST on every products.

NOW HERE A QUESTION ARISE WHAT IS                                     GST
Goods and Service Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at every step in the production process, but is refunded to all parties in the chain of production other than the final consumer.
The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian government. The tax replaced existing multiple cascading taxes levied by the central and state governments.
The tax rates, rules and regulations are governed by the GST Council which comprises finance ministers of centre and all the states. GST simplified a slew of indirect taxes with an unified tax and is therefore expected to dramatically reshape the country's 2.4 trillion dollar economy.[3] Trucks' travel time in interstate movement dropped by 20%, because of no interstate check posts.[4


Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%,18% and 28%. Petroleum products, alcoholic drinks, electricity, and real estate are taxed separately by the individual state governments.[citation needed] There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.[1] In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.[2] Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.

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