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Questions and Answers
How many digits does the GST code have?
In which year was GST first introduced?
What is the basis of GST?
What is the name of the Constitutional Amendment Act that implemented GST?
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What is the maximum imprisonment for violating GST laws?
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How many members are there in the GST Council?
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Which of the following countries is the model for GST in India?
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What is the characteristic of GST that makes it different from direct taxes?
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Which of the following bills introduced GST in India?
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What is the purpose of the GST Council?
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How is the control of GST divided between the Centre and States?
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How does GST impact the taxation of goods and services in India?
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Study Notes
Goods and Service Tax (GST)
- GST was first introduced in France in 1954.
- In India, GST was introduced on July 1, 2017, and is celebrated as GST Day on July 1.
Key Features of GST
- GST is an indirect and destination-based tax, not a direct tax.
- It is based on the Canadian model.
- GST has a 15-digit code.
GST Bill and Amendments
- The 122nd Constitutional Amendment Bill, 2016, was introduced in Parliament to introduce GST.
- The Bill was passed by the Lok Sabha on August 3, 2016, and by the Rajya Sabha on August 8, 2016.
- The President of India gave assent to the Bill on September 8, 2016, and it was implemented through the 101st Constitutional Amendment Act, 2016.
GST Council and Implementation
- The GST Council was formed under Article 279A of the Constitution.
- The Council has 33 members, with its headquarters in Delhi.
- GST was divided into three parts: Central GST (CGST), State GST (SGST), and Integrated GST (IGST).
- The Centre and States have a dual control over GST, with the Centre responsible for CGST and States responsible for SGST.
Exemptions and Penalties
- Certain goods and services, such as liquor, petroleum products, education, and healthcare, are exempt from GST.
- Violation of GST laws can result in a penalty of up to 5 years imprisonment.
India and GST
- India is the 161st country to implement GST.
- GST is an indirect tax, and its implementation has subsumed various indirect taxes, including service tax, sales tax, and others.
Goods and Service Tax (GST)
- GST was first introduced in France in 1954.
- In India, GST was introduced on July 1, 2017, and is celebrated as GST Day.
Key Features of GST
- GST is an indirect and destination-based tax, not a direct tax.
- It is based on the Canadian model.
- GST has a 15-digit code.
GST Bill and Amendments
- The 122nd Constitutional Amendment Bill, 2016, introduced GST in Parliament.
- The Bill was passed by the Lok Sabha on August 3, 2016, and by the Rajya Sabha on August 8, 2016.
- The President of India gave assent to the Bill on September 8, 2016, and it was implemented through the 101st Constitutional Amendment Act, 2016.
GST Council and Implementation
- The GST Council was formed under Article 279A of the Constitution.
- The Council has 33 members, with its headquarters in Delhi.
- GST is divided into three parts: Central GST (CGST), State GST (SGST), and Integrated GST (IGST).
- The Centre and States have a dual control over GST, with the Centre responsible for CGST and States responsible for SGST.
Exemptions and Penalties
- Certain goods and services, such as liquor, petroleum products, education, and healthcare, are exempt from GST.
- Violation of GST laws can result in a penalty of up to 5 years imprisonment.
India and GST
- India is the 161st country to implement GST.
- GST is an indirect tax, and its implementation has subsumed various indirect taxes, including service tax, sales tax, and others.
Goods and Service Tax (GST)
- GST was first introduced in France in 1954.
- In India, GST was introduced on July 1, 2017, and is celebrated as GST Day.
Key Features of GST
- GST is an indirect and destination-based tax, not a direct tax.
- It is based on the Canadian model.
- GST has a 15-digit code.
GST Bill and Amendments
- The 122nd Constitutional Amendment Bill, 2016, introduced GST in Parliament.
- The Bill was passed by the Lok Sabha on August 3, 2016, and by the Rajya Sabha on August 8, 2016.
- The President of India gave assent to the Bill on September 8, 2016, and it was implemented through the 101st Constitutional Amendment Act, 2016.
GST Council and Implementation
- The GST Council was formed under Article 279A of the Constitution.
- The Council has 33 members, with its headquarters in Delhi.
- GST is divided into three parts: Central GST (CGST), State GST (SGST), and Integrated GST (IGST).
- The Centre and States have a dual control over GST, with the Centre responsible for CGST and States responsible for SGST.
Exemptions and Penalties
- Certain goods and services, such as liquor, petroleum products, education, and healthcare, are exempt from GST.
- Violation of GST laws can result in a penalty of up to 5 years imprisonment.
India and GST
- India is the 161st country to implement GST.
- GST is an indirect tax, and its implementation has subsumed various indirect taxes, including service tax, sales tax, and others.
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Description
Learn about the history and implementation of Goods and Service Tax (GST) in India, including its key features and amendments.
