GST India 2017
About GST India 2017
The Goods and Services Tax launched on July 1, 2017, was the largest tax reform in Indian history. GST replaced a patchwork of central and state taxes including excise duty, service tax, VAT, and octroi. The reform required constitutional amendments to allow simultaneous central and state taxation of goods and services. GST has multiple rate slabs: 0, 5, 12, 18, and 28 percent. The implementation was disrupted by technical glitches in the GST Network. Small businesses struggled with compliance. Despite challenges, GST created a single national market in India for the first time. The GST Council, with central and state finance ministers, meets regularly to adjust rates and rules. GST revenue has grown steadily since launch.
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