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Implemented on 1st July 2017, GST i.e. Goods and Service Tax is a multi-stage tax system that aims to comprehensively replace and consolidate all indirect taxation systems in India, like VAT (Value Added Tax) and more. The seeds of its conception were sown in 2000, by Atal Bihari Vajpayee, the then Prime Minister of India. Earlier, there used to be different tax regimes, varying state-wise. Under the current system, there are 4 categories of GST, namely Central GST, which is levied on intra-state supply of products and services, State GST, which is charged on intra-state sale of the same, Integrated GST, which is calculated on inter-state transactions and UTGST, which is levied on supply of goods and services within an UT. Under the GST system, each taxpayer is allocated a 15-digit distinctive code, namely GSTIN, which is provided based on the state you live in and your PAN card number. As per rules, any business with an annual turnover of Rs 20 lakhs or more should be registered under this system. The taxation rates are determined by the GST council in predetermined slabs, namely 5%, 12%, 18%, and 28%. Some products are also exempted from this list. More

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  • No GST on residential premises if rented out for personal use: Government Aug 12, 2022 04:30 PM IST

    No GST on residential premises if rented out for personal use: Government

    The government dismissed media reports which claimed that there is an 18 per cent Goods and Services Tax (GST) on house rent paid by tenants.

  • Airline fare cap and ATF under GST on the govt's radar: Jyotiraditya Scindia Aug 10, 2022 08:21 AM IST

    Airline fare cap and ATF under GST on the govt's radar: Jyotiraditya Scindia

    In an exclusive interview with CNBC-TV18, the Minister of Civil Aviation and Steel, Jyotiraditya Scindia, assured that both are being considered and worked upon by the government.

  • Telangana: Congress protests against price rise, GST on essential food items Aug 05, 2022 06:00 PM IST

    Telangana: Congress protests against price rise, GST on essential food items

    Congress Legislature Party (CLP) leader Mallu Bhatti Vikramarka, party MLA Danasari Anasuya and several other leaders attended the dharna at Indira Park in the city.

  • In Pics | Congress leaders detained amid protest against price rise and inflation Aug 05, 2022 05:51 PM IST

    In Pics | Congress leaders detained amid protest against price rise and inflation

    Congress leaders, including Rahul Gandhi, Priyanka Gandhi and Shashi Tharoor, were detained while marching to Rashtrapati Bhavan to mark their protest against inflation, price rise, GST and unemployment on August 5.

  • Over 200 Congress leaders detained during mass protest Aug 05, 2022 04:13 PM IST

    Over 200 Congress leaders detained during mass protest

    Congress on Friday called for a mass protest here against the price rise, unemployment and the Goods and Services Tax (GST) hike on essential items.

  • Congress, AAP seek withdrawal of GST on 'garba' entry passes, BJP govt says tax prevalent since 2017 Aug 04, 2022 04:08 PM IST

    Congress, AAP seek withdrawal of GST on 'garba' entry passes, BJP govt says tax prevalent since 2017

    While workers from these two parties have been staging protests on the issue, Gujarat education minister and state government spokesperson Jitu Vaghani hit back saying GST on entry passes of any cultural event, including commercial garba events, have been in place since 2017 and each state, including those ruled by the Congress, had given approval for it.

  • States resume fiscal consolidation, set to control deficits, paper says Aug 04, 2022 01:12 PM IST

    States resume fiscal consolidation, set to control deficits, paper says

    States have also taken into account fiscal implications of the end of GST compensation regime in the budget estimates of 2022-23, according to the NIPFP paper.

  • Finance minister reiterates all states agreed with recent GST Council decisions Aug 02, 2022 07:23 PM IST

    Finance minister reiterates all states agreed with recent GST Council decisions

    “I take extreme pride to say that Council has applied its mind at various levels,” Nirmala Sitharaman said.

  • E-invoice to be mandatory for B2B deals for businesses with turnover of Rs 10 crore from October 1 Aug 02, 2022 03:29 PM IST

    E-invoice to be mandatory for B2B deals for businesses with turnover of Rs 10 crore from October 1

    Currently, businesses with turnover of Rs 20 crore and above are required to generate electronic invoice for all B2B transactions.

  • Moneycontrol Selects: Top stories this evening Aug 01, 2022 07:16 PM IST

    Moneycontrol Selects: Top stories this evening

    Our specially curated package of the most interesting articles to help you stay at the top of your game.

  • In first month of post compensation era, most states see more than 14% growth in GST revenue Aug 01, 2022 04:02 PM IST

    In first month of post compensation era, most states see more than 14% growth in GST revenue

    As per the law, states were guaranteed 14 percent growth in their GST revenues every year for the first five years of the indirect tax regime, with any shortfall to be made up from the compensation cess fund.

  • 17,300 is here on Nifty as bulls tighten grip: 8 factors fuelling the rally Aug 01, 2022 04:01 PM IST

    17,300 is here on Nifty as bulls tighten grip: 8 factors fuelling the rally

    In the last twelve sessions, Nifty has risen 9%, in an across-the-board rally. Investors now await the Reserve Bank of India's MPC fineprint, scheduled on August 5.

  • GST collection rises to Rs 1.49 lakh crore in July, up 28% YoY Aug 01, 2022 11:52 AM IST

    GST collection rises to Rs 1.49 lakh crore in July, up 28% YoY

    At Rs 1.49 lakh crore, the July GST mop-up is the new second-highest amount collected in a month

  • Small shops need not collect 5% GST on essential items in small packs: Minister Jul 27, 2022 09:43 PM IST

    Small shops need not collect 5% GST on essential items in small packs: Minister

    He reiterated that the Kerala government does not intend to tax items sold by entities like Kudumbashree, or small stores in 1 or 2 kg packets.

  • GST Council looks at interest of common man, needs of revenue, says finance minister Jul 26, 2022 05:55 PM IST

    GST Council looks at interest of common man, needs of revenue, says finance minister

    The Opposition has been stalling parliamenatry proceedings, demanding a debate on inflation and GST on staples such as rice, dal and curd

  • No proposal to relax e-invoicing under GST regime, finance minister says Jul 26, 2022 05:43 PM IST

    No proposal to relax e-invoicing under GST regime, finance minister says

    Currently, e-invoicing is mandatory for taxpayers with aggregate turnover of more than Rs 20 crore

  • Why govt not allowing debate on price rise, GST: Congress on disruptions in Parliament Jul 26, 2022 11:04 AM IST

    Why govt not allowing debate on price rise, GST: Congress on disruptions in Parliament

    Senior Congress leader Jairam Ramesh said a debate under Rule 267 has been held several times in the past on issues of demonetisation, Jammu and Kashmir, and agri crisis among others.

  • GST on essential items after states sought levy, aimed to check evasion: Official Jul 24, 2022 01:52 PM IST

    GST on essential items after states sought levy, aimed to check evasion: Official

    The decision to levy the tax, which came into effect from July 18, is not that of the Union government but of the GST Council.

  • Moneycontrol Daily: Your Essential 7 Jul 24, 2022 07:15 AM IST

    Moneycontrol Daily: Your Essential 7

    A daily round-up of the most interesting articles to help jump-start the day.

  • GST on mobility devices: How do we break shackles of policy, says SC Jul 22, 2022 08:51 PM IST

    GST on mobility devices: How do we break shackles of policy, says SC

    A bench of Justices DY Chandrachud and AS Bopanna was told by advocate Jai Dehadrai that the matter was listed earlier on October 26, 2020, but the court had allowed the petitioners to move a representation to the ministry.

  • Own a health insurance policy with room rent sub-limits? Hospital room GST will pinch Jul 22, 2022 05:45 PM IST

    Own a health insurance policy with room rent sub-limits? Hospital room GST will pinch

    Higher hospital room rents will mean steeper proportionate deduction for policies with sub-limits and bigger out-of-pocket expenses for such policyholders. Premiums, too, can go up

  • Opposition parties protest in Parliament over price rise, GST hike on essential items Jul 22, 2022 02:59 PM IST

    Opposition parties protest in Parliament over price rise, GST hike on essential items

    The Opposition members also sought a discussion on the issue of price rise in both houses of Parliament.

  • Supreme Court allows taxpayers to access pending pre-GST credits Jul 22, 2022 01:32 PM IST

    Supreme Court allows taxpayers to access pending pre-GST credits

    The Supreme Court has asked the authorities to open a 60-day window for the taxpayers to apply for transitional credits

  • Kerala’s GST deviation needs legal backing; council dispute mechanism should kick in: Experts Jul 21, 2022 01:14 PM IST

    Kerala’s GST deviation needs legal backing; council dispute mechanism should kick in: Experts

    The GST Council in June tweaked norms to impose a 5 percent tax on pre-packaged and labelled pulses, cereals, flour and other items for packs of up to 25 kg. These staples when sold loose continue to be exempt from GST

  • Shashi Tharoor joins the meme-fest on paneer butter masala amid GST hike Jul 21, 2022 12:43 PM IST

    Shashi Tharoor joins the meme-fest on paneer butter masala amid GST hike

    Congress MP Shashi Tharoor joined the 'paneer butter masala' meme-fest with a dig against the Centre’s decision to hike GST rates.

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