GST (Good Service Tax) is a multi-tiered, destination-based tax levied on all purchases. It is an indirect tax that applies across India, replacing multiple cascading taxes imposed by the central and state governments.GST is governed by the GST Council, whose chairman is India’s Finance Minister. Under GST, different rates of tax will apply to both goods and services at 0%, 5%, 12%, 18%, and 28%. The tax on brought, precious, and semi-precious stones is 0.25 percent, and gold is taxed at 3%. On July 1, 2017, India’s GST structure changed. GST will revolutionize how Indians pay taxes, but it is a tax reform that most Indians do not fully comprehend.
Source inventiva
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