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The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing more than ₹100 and 28% on commercial vehicle and private and 5% on readymade clothes. [33]
In April, 2008, the EC submitted a report, titled "A Model and Road map for Goods and Services Tax (GST) in India" containing broad recommendations about the structure and design of GST. In response to the report, the Department of Revenue made some suggestions to be incorporated in the design and structure of proposed GST bill.
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.
Under Indian GST Act, 2016, Any supplies (supply should be defined in accordance with GST India) made by a registered dealer as an export (both goods or services) or supply to an SEZ qualifies for Zero Rated Supplies in GST. This attracts zero rate of taxation and ITC (Input Tax Credit) can also be explained through the e-portal of GST Council.
The goods and services tax [1] (GST; French: Taxe sur les produits et services) is a value added tax introduced in Canada on January 1, 1991, by the government of Prime Minister Brian Mulroney. The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST).
In 2010, like the Federal Estate Tax, the generation-skipping transfer tax was briefly repealed. In that year, the GST tax rate was effectively zero. [9] However, the law that created increased exemptions and the ultimate repeal of the GST tax expired on December 31, 2010. [10] In 2016, the exemption was $5.45 million per person.
In October 2011, the T-GST regime was repealed and replaced by the Goods and Services Tax (GST) Act. [5] The GST Act came into effect on 2 October 2011, and expanded the tax to all sectors of the economy. The Act imposed a GST at the rate of 3.5% from 2 October 2011 to 31 December 2011 and 6% from 1 January 2012 to 31 December 2012.
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.