10 LINES ON GST (GOODS & SERVICE TAX)

 1) GST (Goods and Service Tax) is categorized as indirect tax in India.

2) This tax was instituted in India on 1st July in the year 2017.

3) It is coordinated by the GST council that constitutes of finance ministers of the central and state governments.

4) GST is applied to the supply of goods and services in India.

5) The introduction of GST has replaced the complex structure of different indirect taxes.

6) GST is stated as a multistage tax as it is levied on different stages of production.

7) GST is just imposed in the production stages but not collected.

8) Petroleum products, alcoholic drinks, and electricity are excluded from GST.

9) 0%, 5%, 12%, 18%, and 28% are tax slabs for different goods and services.

10) The tax slabs are differentiated into five categories for different goods and services.

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