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Goods and Services Tax (India)
Sun, 2017-Jul-02 02:42 UTC
Length - 2:51
Welcome to popular Wiki of the Day where we read the summary of a popular Wikipedia page every day.
With 226,699 views on Saturday, 01 July 2017 our article of the day is Goods and Services Tax (India).
Goods and Services Tax (GST) is an indirect tax applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services is taxed at the following rates, 0%, 5%, 12%, 18%, 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.
The Goods and Services Tax (GST), India's biggest tax reform in 70 years of independence, was launched on the midnight of 30 June 2017 by the Prime Minister of India Narendra Modi. The launch was marked by a historic midnight (June 30-July 1, 2017) session of both the houses of parliament convened at the Central Hall of the Parliament.
Members of the Congress boycotted the GST launch altogether. They were joined by members of the Trinamool Congress, Communist Parties of India and the DMK, who reportedly found virtually no difference between the existing taxation system, and therefore claimed that the government was trying to merely rebrand the current taxation system but made it worse for common people by increasing existing rates on common items and reducing rates on luxury items. GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy. However, it has been meet with sharp criticism from various fronts.
This recording reflects the Wikipedia text as of 02:42 UTC on Sunday, 02 July 2017.
For the full current version of the article, go to http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India).
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