Four Parts of GST Approved by Lok Sabha

FOUR PARTS OF GST APPROVED BY LOK SABHA

Four Parts of GST Approved by Lok Sabha

All four parts of the much-awaited GST (Goods and Services Tax) bill have been approved by Lok Sabha; now the complicated tax system will come to an end, with the introduction of a centralized tax system. It will create a common market in India, making inter-state business easier.

Central GST or CGST will replace central excise, service tax, additional customs duty and additional excise duty. The centre will collect CGST and also Integrated GST or IGST. State GST or SGST will merge sales tax, VAT, purchase tax, entertainment tax, luxury tax, mandi tax, entry tax and octroi. SGST will be collected by the states.

There will be four slabs of GST: necessary goods like rice or wheat will not be levied. Spices, cooking oil, tea etc will be included in the lowest slab of 5%. The highest rate will of applied on things of luxury like, tobacco, aerated drinks, pan masala, cars etc.

The new changes in taxation are expected to bring economic growth in the country.




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