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๐ Goods and Services Tax (GST) :
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Introduced - 101st Constitution Amendment Act, 2016
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Slogan - โOne Nation One Taxโ.
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Legislative Basis :
๐ธ๏ธIn India, GST Bill was first introduced in 2014 as The Constitution (122nd Amendment) Bill.
๐ธ๏ธThis got an approval in 2016 and was renumbered in the statute by Rajya Sabha as The Constitution (101 Amendment) Act, 2016.
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Subsumed Indirect Taxes - Excise duty, Value Added Tax (VAT), Service tax, Luxury tax etc.
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4-Tier Tax Structure - 5%, 12%, 18% and 28%.
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Components 4๏ธโฃ : Central GST (CGST), State GST (SGST), Union Territories GST (UTGST), and Integrated GST (IGST).
โญ๏ธ The Goods and Services Tax Council :
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๏ธ Constitutional body , Article 279A
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๏ธ Secretariat - New Delhi
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๏ธ Chairperson - The Union Finance Minister
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๏ธ Members :
๐ธThe Union Minister of State in charge of Revenue or Finance
๐ธThe Minister in charge of Finance or Taxation or any other Minister nominated by each state government
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๏ธ Vice -Chairperson - Council from the States have to choose one amongst themselves as the Vice-Chairperson of the Council.
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