Indian Taxation system took a major decision when the GST was passed in parliament and whole nation applauded the decision but now today is first July and GST has been enforced now and much expected it is the most discussed hot topic today in nation. While some declared it praiseworthy decision, there were some who condemned it.
The internet is immersed with different news explaining about GST. We are going to just brief you in a precise manner What is GST and what’s going to get cheaper and expensive?
So, GST, Goods & Services Tax is a type of indirect tax which replaced all other cascading taxation (tax on tax) and established a fixed rate. GST is simply added every time a value is added to the item. GST has been classified in below following way:
CGST: where the revenue will be collected by the central government
SGST: where the revenue will be collected by the state governments for intra-state sales
IGST: where the revenue will be collected by the central government for inter-state sales
Instead of writing you here about the percentage of tax on different items.We have come up with info-graphic images which explains the items and percentage in a clear manner. Have a look on below and attain some info about GST