GST (GOODS AND SERVICE TAX) a major reform in Indian Econmy.
GST also known as ONE NATION ONE TAX.
*IMPORTANT POINTS RELATED TO GST:-
GST abolished 17 major taxes lavied and collected by Central and State Government(as the case may be) including VAT,CST,EXCISE,CUSTOM(Partially) ETC.
GST have the following rates are as follows:-
The items covered under which slab are recommended by Advisory Committee and approved by Central Government.
Five Petroleum Products are not covered under GST for next 5 years.
Tobacco and Tobbacco Products are covered under both EXCISE and GST.
ALCOHOLIC Products for human consumption are not in scope of GST,however it covered under State Excise.