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Indian Economy

Goods and Services Tax (India)

Value-added tax in India

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Overview

Goods and Services Tax (GST) is an indirect tax introduced in India on 1 July 2017, replacing a range of pre-existing taxes like VAT, service tax, central excise duty, entertainment tax and octroi. GST unified the country's tax structure, simplifying the taxation of goods and services and eliminating the need for multiple taxes previously levied by both central and state governments.

Source: Wikipedia — Goods and Services Tax (India) (CC BY-SA)

Key concepts

How Goods and Services Tax (India) connects to the ideas, people and events around it.

  1. GST Council

    governed by

    The GST Council is a constitutional body that makes recommendations on tax rates, exemptions, and thresholds for GST in India. It consists of the Union Finance Minister and the Finance Ministers of all states and union territories.

  2. Central Board of Indirect Taxes and Customs

    administered by

    The Central Board of Indirect Taxes and Customs (CBIC) administers GST, customs, and central excise duties in India. It operates under the Ministry of Finance and issues notifications and guidelines for GST compliance.

  3. Integrated Goods and Services Tax

    includes

    Integrated GST (IGST) is levied on inter-state supplies of goods and services and is shared between the central and destination states. It ensures seamless tax credit flow across state borders.

  4. Composition Scheme

    offers

    The Composition Scheme allows small taxpayers with turnover below a threshold to pay GST at a fixed rate on turnover instead of detailed tax calculations. It simplifies compliance for micro and small enterprises.

  5. Nirmala Sitharaman

    championed by

    Nirmala Sitharaman has served as India's Finance Minister since 2019 and oversaw the GST framework during her tenure. She has advocated for GST reforms to improve ease of doing business.

  6. Taxation in India

    part of

    Taxation in India comprises direct taxes like income tax and indirect taxes such as GST, excise, and customs duties. GST unified most indirect taxes into a single system.

  7. Implementation of GST (2017)

    started on

    The implementation of GST on 1 July 2017 marked the largest tax reform in India since independence. It involved migration of millions of taxpayers to a new digital filing system.

  8. Union budget of India

    affects

    The Union Budget of India outlines the government's fiscal policy, including GST rates and revenue projections. GST revenue forms a significant portion of the central government's tax receipts.

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Questions about Goods and Services Tax (India)

What is Goods and Services Tax (India)?

Goods and Services Tax (GST) is an indirect tax introduced in India on 1 July 2017, replacing a range of pre-existing taxes like VAT, service tax, central excise duty, entertainment tax and octroi. GST unified the country's tax structure, simplifying the taxation of goods and services and eliminating the need for multiple taxes previously levied by both central and state governments.

What are the key concepts related to Goods and Services Tax (India)?

The main concepts connected to Goods and Services Tax (India) include GST Council, Central Board of Indirect Taxes and Customs, Integrated Goods and Services Tax, Composition Scheme, Nirmala Sitharaman, Taxation in India, Implementation of GST (2017), Union budget of India. Each is linked on the map above with its own summary.

Which exams cover Goods and Services Tax (India)?

Goods and Services Tax (India) is part of Indian Economy, which appears in the syllabus of UPSC CSE, UPSC CAPF, NDA, CDS, AFCAT, SSC CGL and 58 more exams.