Goods and Services Tax is an Indirect Tax throughout Inida to replace taxes levied by the Central and State Governments. GST is introduced as The Constitution Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is govered by GST Council and its Chairman is Finance Minster 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.
Some Abbreviation related to GST
| GST | -Goods and Services Tax |
| IGST | -Integrated Goods and Services Tax |
| SGST | -State Goods and Services Tax |
| GSTN | -Goods and Services Tax Network |
| ITC | -Input Tax Credit |
| HSN | -Harmonised System of Nomenclature |
| ISD | -Input Service Distributor |
| VAT | -Value-added Tax |
| OECD | -Organisation for Economic Co-operation and Development |
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