Goods And Services Tax Network Upsc

Gst stands for goods and services tax which is a destination based value added tax charged on the production sale and consumption of goods and services.

Goods and services tax network upsc. Essay on goods and services tax upsc. Tax slabs are decided as 0 5 12 18 28 along with categories of exempted and zero rated goods for different types of goods and services. In case of inter state transactions the centre would levy and collect the integrated goods and services tax igst on all inter state supplies of goods and services gstn for the implementation of gst in the country the central and state governments have jointly registered goods and services tax network gstn as a not for profit non. Goods and service tax network gstn is a non government private limited company which was given a non recurring grant by the government.

This brought upon a massive complexity in developing an it platform to handle not only the diverse tax systems of 36 states union territories union government but also needed providing a. The union cabinet approved increasing the government s ownership in the goods and services tax network gstn to 100 from the existing 49. The company has been continue reading goods and services tax network gstn. About gst goods and service tax gst is the largest indirect tax reform in the history of india.

The goods and services tax compensation to the states bill 2017 the compensation bill. The union cabinet also approved acquisition of the entire 51 equity held by the non government institutions in gstn equally by the centre and the state governments. It is important to note that gst applies to the value addition at each stage and no other tax would be levied which results in the elimination of cascading effect. Gst is an indirect comprehensive multi stage destination based tax levied on each value addition of the goods and services it came into effect on 1st july 2017 after the implementation of one hundred and first amendment of the constitution of india it is a comprehensive tax that replaces many indirect taxes levied by the central and the state government in india it is a tax that is imposed at every step of the production and is refunded to everyone.

The government of india holds 24 5 equity in gstn all states including nct of delhi and puducherry and the empowered committee of state finance ministers ec together hold another 24 5. Balance 51 equity is with non government financial institutions. Read on for gst bill latest news pictures videos for upsc exam preparation. The tax payments and credit will be done through an online network.

It has 49 equity held by center and the states and remaining 51 held by private lenders like hdfc icici etc. For implementation of gst in the country central and state governments have registered goods and services tax network gstn which is a not for profit non government company to provide shared it infrastructure to central and state government tax payers and other stakeholders.