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A dual GST module for the country has been proposed by the EC. This dual GST model has been accepted by centre. Under this model GST have two components viz. the Central GST to be levied and collected by the Centre and the State GST to be levied and collected by the respective States.
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. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4]
It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST). CBIC's function also extends to prevention of smuggling, illicit financial activities, and regulation and control of narcotics through its attached/subordinate offices.
The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST). Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. The GST raised 11.7% of total federal government revenue in 2017–2018. [2]
National Anti-profiteering Authority (NAA) is a government of India body that was set up under Section 171 of the Central Goods and Services Tax Act, 2017. The key purpose of NAA was to make sure that the recipient gets the benefit of input tax credit.
A - March 2017 - This article needs attention from an expert on the subject A - March 2017 - This article needs to be updated R - April 2017 - This article needs attention from an expert on the subject Reason: Adarsh Madrecha has agreed to act as Expert on GST, with his expertise in Indirect Taxation, especially in GST. He will be devoting time ...
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
Repealing and Amending (Second) Act, 2017 Status: Spent The Repealing and Amending Act, 2017 is an Act of the Parliament of India that repealed 104 Acts, and also partially repealed three sections of the Taxation Laws (Amendment) Act, 2007, and made minor amendments to three other Acts to correct typographical errors.