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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]
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.
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 ...
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]
The Repealing and Amending Act, 2017 is an Act of the Parliament of India that repealed 104 Acts, and also partially repealed three sections of the Taxation Laws (Amendment) Act, 2007, and made minor amendments to three other Acts to correct typographical errors.
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The agency is tasked with collecting, collating, and disseminating intelligence related to evasion of Goods and Service Tax (GST). In 1983, it became an independent Directorate and in 1998 the Directorate was upgraded to Directorate General with four zonal units in Chennai, Delhi, Kolkata, and Mumbai.