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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.
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.
Inward transactions: No charge to be levied. Outward transactions: For transactions of ₹ 200,000 (US$2,300) to ₹ 500,000 (US$5,800): up to ₹ 25 (29¢ US) per transaction plus applicable time varying charges (₹ 1 (1.2¢ US) to ₹ 5 (5.8¢ US)); total not exceeding ₹ 30 (35¢ US) per transaction, (+ GST).
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List - II entailing the areas on which only the state legislature can make laws, and; List - III listing the areas on which both the Parliament and the State Legislature can make laws upon concurrently. Separate heads of taxation are no head of taxation in the Concurrent List (Union and the States have no concurrent power of taxation). [8]
Business Standard is an Indian English-language daily edition newspaper published by Business Standard Private Limited, [4] also available in Hindi.Founded in 1975, the newspaper covers the Indian economy, infrastructure, international business and trade, information on financial quotations, corporate governance, and a range of other financial news, opinions and insights.
ABP News is an Indian Hindi-language free-to-air television news channel owned by ABP Group. Initially launched as Star News in 1998, it was later acquired by the Bengali media group Anand Bazar Patrika (ABP). It won the Best Hindi News Channel award [1] in the 21st edition of the Indian Television Academy Awards in 2022.