Unified indirect tax system in India

URI: https://gptkb.org/entity/Unified_indirect_tax_system_in_India

GPTKB entity

Statements (50)

Predicate	Object
gptkbp:instanceOf	Tax system
gptkbp:abbreviation	gptkb:GST
gptkbp:administeredBy	gptkb:GST_Council
gptkbp:alsoKnownAs	gptkb:Goods_and_Services_Tax
gptkbp:appliesTo	gptkb:Goods Services All Indian states and union territories except Jammu & Kashmir initially
gptkbp:composition	Available for small taxpayers
gptkbp:constitutionalBody	gptkb:GST_Council
gptkbp:excludes	Essential goods and services
gptkbp:filingMethod	Monthly Quarterly (for small taxpayers)
gptkbp:governedBy	gptkb:Constitution_(One_Hundred_and_First_Amendment)_Act,_2016
gptkbp:GSTCouncilChairperson	Union Finance Minister
gptkbp:GSTCouncilMembers	State Finance Ministers
gptkbp:hasComponent	Central GST (CGST) Integrated GST (IGST) State GST (SGST) Union Territory GST (UTGST)
https://www.w3.org/2000/01/rdf-schema#label	Unified indirect tax system in India
gptkbp:implementedIn	gptkb:Government_of_India 1 July 2017
gptkbp:inputTaxCredit	Available
gptkbp:ITSystem	GSTN (Goods and Services Tax Network)
gptkbp:Jammu_&_Kashmir_adopted	8 July 2017
gptkbp:leviedBy	gptkb:Central_Government gptkb:State_Governments gptkb:Union_Territories
gptkbp:objective	Create a unified national market Eliminate cascading effect of taxes Increase tax compliance Simplify tax structure
gptkbp:replacedBy	gptkb:Central_Excise_Duty gptkb:Entry_Tax gptkb:Luxury_Tax gptkb:Octroi gptkb:Purchase_Tax gptkb:Service_Tax gptkb:Value_Added_Tax Entertainment Tax
gptkbp:taxRateSlabs	5% 0% 12% 28% 18%
gptkbp:taxStatus	Indirect tax
gptkbp:threshold	Businesses with turnover above Rs. 40 lakhs (as of 2023)
gptkbp:website	https://www.gst.gov.in/
gptkbp:bfsParent	gptkb:101st_Amendment
gptkbp:bfsLayer	7