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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]
Based on inputs from GoI and States, The EC released its First Discussion Paper on Goods and Services Tax in India on 10 November 2009 with the objective of generating a debate and obtaining inputs from all stakeholders. A dual GST module for the country has been proposed by the EC. This dual GST model has been accepted by centre.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax) used on the supply of goods and services. It is a ...
Value added tax for the state Jammu & Kashmir includes multiple products such as cooked food, saffron, honey, electrical items, textile items such as durries, quilts, Pashmina wool etc. Apart from the applicability of VAT, the govt also made some exemptions on basic food items, industrial units, hotel, and farming equipment.
Individual income tax VAT or GST or Sales tax Capital gains tax [1] Inheritance/Estate Tax Further reading Lowest marginal rate Highest marginal rate Afghanistan: 20% [2] 0% [3] 20% [3] 0% [4] However, in Taliban run areas pre-Taliban rule, small fees were illegally added to some groceries. [5] Taxation in Afghanistan Albania: 15% [6] 0% [7] 23 ...
The tax policy is not limited to raising of revenue. As a part of the overall policy of the Government of India, the tax policy also serves as a tool to address several other objectives in the process of development of the country. These objectives may include providing for incentives and disincentives in the target areas/segments of the economy.
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.
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.