{"id":3686,"date":"2020-03-01T08:41:24","date_gmt":"2020-03-01T08:41:24","guid":{"rendered":"https:\/\/commerceiets.com\/?p=3686"},"modified":"2020-03-01T08:41:24","modified_gmt":"2020-03-01T08:41:24","slug":"history-of-gst-in-india","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/history-of-gst-in-india\/","title":{"rendered":"HISTORY OF GST"},"content":{"rendered":"\n

HISTORY OF GST IN INDIA (GOODS AND SERVICE TAX)<\/strong><\/h2>\n\n\n\n

In this Article you will study about History of GST in India. Study and make proper notes.<\/p>\n\n\n\n

\"HISTORY
HISTORY OF GST IN INDIA<\/figcaption><\/figure>\n\n\n\n

Goods and Service Tax (GST)<\/strong> is a comprehensive tax levy on manufacture, sale and\nconsumption of goods and service<\/strong> at a national level under\nwhich no distinction is made between goods and services for levying of tax. It\nwill mostly substitute\nall indirect taxes<\/strong> levied on goods and services by\nthe Central and State governments in India.<\/p>\n\n\n\n

GST\nis a tax on goods and services under which every person is liable to pay tax on\nhis output and is entitled to get input tax credit (ITC) on the tax paid on its\ninputs(therefore a tax on value addition\nonly)<\/strong> and ultimately the final consumer shall\nbear the tax.<\/p>\n\n\n\n

In simple words, Goods and Service Tax (GST) is\nan indirect tax levied on the supply of goods and services. This law has\nreplaced many indirect tax laws that previously existed in India.<\/p>\n\n\n\n

GST is one indirect tax<\/strong> for the entire country<\/strong>.<\/p>\n\n\n\n

\u201cGST is a comprehensive, multi-stage<\/strong>, destination-based\ntax<\/strong> that is levied on every value\naddition<\/strong>.\u201d<\/p>\n\n\n\n

There are around 160 countries in the\nworld that have GST in place. GST is a destination based taxed where the tax is\ncollected by the State where goods are consumed. India is going to implement\nthe GST from July 1, 2017 and it has adopted the Dual GST model in which both\nStates and Central levies tax on Goods or Services or both.<\/p>\n\n\n\n

SGST \u2013 State GST, collected by the State\nGovt.<\/p>\n\n\n\n

CGST \u2013 Central GST, collected by the\nCentral Govt.<\/p>\n\n\n\n

IGST \u2013 Integrated GST, collected by the\nCentral Govt.<\/p>\n\n\n\n

HISTORY OF GST IN INDIA<\/strong><\/p>\n\n\n\n

\"\"
HISTORY OF GST IN INDIA<\/figcaption><\/figure>\n\n\n\n

The following is the brief History of GST in India:<\/strong><\/p>\n\n\n\n