Goods and Service Tax is one of the most talked about topic in India. We have heard a lot about it read a lot about it. Some of us support it while others may hold a different perspective. All I can say that change is not easily digestible. Whatever be the talks, GST is sure to bring economic revolution in India which was much awaited.
Literally, the world GST means Goods and Service Tax, it's an end to all the taxes which a person or a businessman or anyone had to pay who availed any kind of services or bought or manufactured or sold a product. Prior to GST, there were many taxes which were imposed on people, the likes of which included, VAT, Service tax, excise etc.
It is clear by now that GST will replace a number of taxes that were levied upon people.
There will be two broad form of GST in India:
The intra-state level will further be bifurcated into two types of taxes:
The inter-state level will have the Integrated Goods and Service Tax.
You should also know that the imports will be considered under the inter-state tax while the exports will be rated zero, along with it the supplies to the SEZ will also be rated zero.
All the products and services are now going to fall under these five categories.Here is a brief overview of the different products falling under the different tax slab:
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