Saturday, December 19, 2015

Economy: GST

Goods and Services Tax (GST): 

It refers to the single unified tax created by amalgamating a large number of Central and State taxes presently applicable in India.

The latest constitution Amendment Bill of December 2014 made in this regard, proposes to insert a definition of GST in Article 366 of the constitution by inserting a sub-clause 12A. 

As per that, GST means:
Any tax on supply of goods
or services
or both
except taxes on supply of the alcoholic liquor for human consumption.

Note: And here, services are defined to mean anything other than goods.

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