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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]
On 29 March 2017, CGST, IGST, UTGST and SGST compensation law passed in Loksabha [5] The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014 was introduced in the Lok Sabha by Finance Minister Arun Jaitley on 19 December 2014, and passed by the House on 6 May 2015.
Integrated Goods and Services Tax (IGST): tax for interstate sales. Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the ...
Size of this JPG preview of this PDF file: 463 × 599 pixels. ... See § 206.01 of the Compendium II: ... Acts of the Parliament of India 2017.pdf.
For example, if the FOB value is Rs.700/- per piece, and the value cap is Rs.500/- per piece, the DEPB rate shall be applied on Rs.500/-. The DEPB rate and the value cap shall be applicable as existing on the date of exports as defined in paragraph 15.15 of Handbook (Vol.1).
After India became a sectoral dialogue partner of ASEAN in 1992, India saw its trade with ASEAN increase relative to its trade with the rest of the world. Between 1993 and 2003, ASEAN-India bilateral trade grew at an annual rate of 11.2%, from US$2.9 billion in 1993 to US$12.1 billion in 2003. [7]
Mundra Port has a capacity to handle 338 MMT of cargo per annum – the largest amongst all operational ports in India. Mundra Port handled 14.44 crore (144.4 million) MT of cargo in the financial year 2020–21 and is the largest commercial port of India in term so volume of cargo handled. [2]
The bill was passed by the Lok Sabha on 22 September 2020, and the Rajya Sabha on 23 September 2020. [3] The bill received the presidential assent on 28 September 2020, but the date of coming into force is yet to be notified in the official gazette.