Everything about GST (Goods and Services Tax) - Factopedia - GK Video Tutorials

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What is the GST Bill?

Goods and Services Tax Bill
122nd Amendment Constitution
Central GST / State GST
A tax only on Value Addition
What is the timeline of the GST Bill?

FRBM Bill, 2000 (by Yashwant Sinha)
FRBM Act, 2003
Kelkar Task Force, 2003 (by Vijay Kelkar)
GST Proposed on 28 Feb 2006 (by P Chidambram)
GST Bill Published on 19 Dec 2014 (by Arun Jaitley)
GST Bill Passed on 03 Aug 2016
Taxes in India (precursor to GST)

Direct Taxes
Income Tax (Center)
Wealth Tax (Center)
On a person based on income / wealth
Indirect Taxes
Service Tax (Center)
Value Added Tax (State)
Luxury Tax (State)
On goods and services
What the GST aims to achieve?

India – Single Market
Reduce unhealthy competition
Consumers will know how much they are paying
Consumers will not pay Tax on Tax
Increase the tax base
18% cap
1-2% to the GDP
Central Taxes that will come under the GST

Central Excise Duty
Additional Excise Duty
Additional Duties of Customs (CVD – Countervailing Duty)
Special Additional Duty of Customs (SAD)
Service Tax
State Taxes that will come under the GST

State VAT
Central Sales Tax
Purchase Tax
Luxury Tax
Entry Tax / Octroi (all forms)
Entertainment Tax (not levied by local bodies)
Purchase Tax
Taxes on lotteries, betting and gambling
Taxes that will not come under the GST

Alcohol
Electricity
Petrol
Stamp Duty