GST: Goods & Service Tax for Competitive exam

Share With Your Agri Friends

Goods & Service Tax

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%

Read More:


Share With Your Agri Friends

Leave a Reply