GST: Goods & Service Tax
**Goods and Service Tax is an- Indirect tax
➢ The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of – 28th February 2006
❖ Amendment bill- 122
❖ Amendment Act- 101
❖ GST Council Headquarter- New Delhi
❖ 1st state to ratify the GST bill- Assam
❖ Zero GST- for Food grains
❖ GST threshold limit for Normal states- 20 lakhs
❖ GST threshold limit for NE states- 10 lakhs
❖ 1st state to pass GST bill- Telangana
❖ GST came into effect in India from- 1 July, 2017
❖ Highest tax contribution to Indian economy is from- GST
❖ GST council is the governing body of GST
❖ GST Council Chairman –Finance Minsiter (ARun jaitley)
❖ GST Council formation based on ARTICLE- 279A.
❖ GST was first introduced by- France, 1954
❖ GST implemented in India through- 4 tier structure ( 5%, 12%, 18%, 28%)
❖ 28% GST for- Luxury goods
❖ GSTN-Goods & Service Tax Network.
GST on agriCulture products
Commodities GST Rate Organic Manure =0%
Frozen vegetables and fruits, Dry flower, plants and roots, preserved vegetables, fruits and nuts= 5%
Fertilizers, Dry Fruits fresh or dried, Fruits and vegetable juices =12%
Tractors =12%
Pesticides, Tractor wheel, Tractor parts = 18%
Rubber, Fruits, vegetables, nuts and other plants preserved by vinegar or acetic acid or sugar, Preserved Tomatoes, mushrooms or other vegetables, Fruit jam, jellies, pastes or nut puree= 18%
Plastic pipes= 28%
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