GST stands for goods and services tax. GST day is celebrated every year on 1 July. The head quarter of GST is in Delhi and chief is, finance minister, Arun jaitley It came into effect from July 1, 2017 and implemented through 101 amendment act and was introduced by 122 amendment bill. The president of India gave their assent to GST bill on 8 september,2016. Through this Indian govt. has to give benefits to the industry, the government, the consumers. It is one indirect tax levied in India and is 15 digit unique number. It is a single tax on goods and services form manufacturer to the consumer. It is divided into five tax slabs i.e. 0%, 5%, 12%, 18% and 28%. Alcohol liquor, petroleum and petroleum products are levy of GST tax slabs.165 countries around the world have already bring about GST. It was firstly introduced by France in 1954. 165 countries around the world have already bring about GST. It was firstly introduced by France in 1954.
Many GST rates are followed by countries but GST of New Zealand is the best around the world. They implemented in 1986, Singapore in 1994, Malaysia in 2015. Indian Prime Minister, Atal Bihari Vajpayee, had given the idea of GST in 2000. In India after the launch of GST Assam was the first state to implement on 12 august 2016 after that Bihar, 16 august etc. and first state to pass bill was Telangana But the state of Jammu and Kashmir has not implemented GST till now. The IT companies, which are giving their services to GST, are Infosys and Wipro.
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