What is GST in India
What is GST in India The General Service Taxation scheme known as the Goods and Services Tax(GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as The Constitution Act 2017 , following the passage of Constitution 122nd Amendment Bill. The GST is governed by GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services will be taxed at the following rates, 0%, 5%, 12%, 18%, 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. The Goods and Services Tax, India's biggest tax reform in 70 years of independence, was launched at midnight of 30 June 2017 by Prime Minister Narendra Modi. It was the fourth time since Independence that an event was held there at midnight, one of them being India's Independence where Nehru gave his Tryst With Destiny speech. It was joined by TMC, Left & DMK. GST, which replace...