The GST stands for Goods and Services Tax. It is an indirect tax that has mostly superseded many other indirect taxes in India, such as excise duty, VAT, and services tax. On March 29, 2017, Parliament passed the Goods and Service Tax Act, which took effect on July 1, 2017.
In India, the Atal Bihari Vajpayee government proposed the introduction of GST in 2000. Based on their expertise creating State VAT, state finance ministers organised an Empowered Committee (EC) to create a structure for GST.
It was later used to implement a unified taxation system across the country. The Vajpayee government established a task team led by Vijay Kelkar in 2002 to recommend tax reforms. The Kelkar group advised implementing GST in 2005, as recommended by the 12th Finance Commission.
The NDA administration introduced the Constitutional (122nd Amendment) Bill 2014 on GST in Parliament on December 19, 2014. The bill was subsequently passed by the Lok Sabha on May 6, 2015. The bill was referred to a Joint Committee of both Houses of Parliament on May 14, 2015.
Types of GST are:
Integrated Goods and Services Tax (IGST)
State Goods and Services Tax (SGST)
Central Goods and Services Tax (CGST)
Union Territory Goods and Services Tax (UTGST)
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