The country is now in the new tax system. President Pranab Mukherjee and Prime Minister Modi launched GST in the historic session of Parliament at midnight. When PM Modi named it Good and Simple Tax, then President Pranab Mukherjee described it as a symbol of Indian democracy. GST is being described as tax revolution and economic revolution. Look at 10 facts related to GST …
1. GST ie goods and services has grown with the introduction of the tax itself among the few selected countries of India, the world that have implemented a sales nationally.
2. With the introduction of GST, more than a dozen taxpayers in the country and the states at the level of the government have ended. Now at their place only GST will look.
3. Four rates of GST are 5, 12, 18 and 28%. GST will be 0% on many things, including grains i.e. tax free.
4. Finance Minister Arun Jaitley said that the dream of a tax, a market and a nation from GST was completed. Jaitley said that in India, the Central and State Governments will now work together for common prosperity.
5. GST is believed to be the biggest tax reform in the country after independence. It is being named the Economic Revolution.
6. With GST the country’s economy of 2,000 billion and 1.3 billion people will all be joined together and the whole country will become a common market.
7. After coming to the GST’s idea, this entire process takes 17 years to complete.
8. In GST Will end system currently multilevel and growing burden on the above being the cost of the goods will be eliminated.
9. With the implementation of GST, 31 States and Union Territories got together. Long queues on toll nakaas also ended.
10. The Prime Minister said that the GST is a transparent and fair system which would impose restrictions on black money and corruption and would then proceed to a work culture. At the same time President Pranab Mukherjee described it as a process to strengthen India’s democratic system.