20 Important facts about Goods & Service Tax (GST).
1. The Goods and Services Tax (GST) was first implemented in France.
2. India's GST is based on the Canadian model.
3. There are 5 rates of taxes in GST i.e. 0%, 5%, 12%, 18% and 28%.
4. GST is an indirect tax in more broader terms it can be said a federal tax.
5. GST in India was made on the recommendation of Vijay Kelkar Committee.
6. GST in India was implemented on July 1, 2017.
7. The first state which implemented the GST was Assam.
8. Amitabh Bachchan has been made the brand ambassador of GST.
9. GST has been implemented by the 101st Constitution Amendment Act, 2016.
10. The GST was the 122nd constitutional amendment bill to be introduced in the Parliament of India.
11. GST has been implemented under Article 279 of the Indian constitution.
12. GST Council was formed by the President of India in September 2016.
13. At present Finance Minister Nirmala Sitharaman is the Chairperson of the GST Council.
14. During passing of GST bill in parliament; 336 votes casted in the favour of GST bill and 11 votes were against it.
15. After the implementation of GST, sales tax, service tax, customs duty, excise duty, VAT, Octroi tax etc. will not exist.
16. At present GST Council has 33 members.
17. The President of India approved GST bill on 8th September 2016.
18. The biggest reason behind the implementation of the GST is to bring uniformity in the tax system of the country.
19. After the implementation of GST, tradition of 'Tax upon Tax' will be eliminated.
20. There is a provision of 5 years imprisonment for those who do not pay GST.
