GST (goods and service tax)

 GST(Goods and service tax)

GST full form is goods and service tax. It was first proposed by the Atal Bihari government in his regime. Hw constituted a committee on this to verify and give its report. But it was postponed for many years. Later in 2014, the bill was introduced in India by 122nd Amendment Act 2014). But it got approval in 2016 renumbered in Rajya sabha by 101 constitutional Amendment act, 2016.

          Gst is an Indirect tax that will be collected by state and center. Its main objective is to collect a single tax system. The tax that will be collected by the state is called state GST(SGST), and the center which collects tax is called center GST(CGST). Besides, there is one more GST called integrated GST(IGST) which will be collected for the import of goods or services. 

       GST was levied for four rate i.e 5%, 12%, !*%, 225. It varies to the sector and product.

The GST will not collect for petroleum, Alcholocic products, and electricity. The central government

collects tax for excise duty, service tax and etc...The state government collects tax for cover tax, luxury tax, etc...

 article 246A says that the state has the right to collect tax. Recently, the government declared that 5% GST will be collected for covid vaccines.