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Goods And Services Tax- GST
- The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
- The GST is remitted by the consumers and the traders and is one of the sources of income to the government.
Key Takeaways:
- GST is an Indirect tax.
- The GST is shared by the Central and State Governments equally.
- GST is destination based Tax.
Types of GST:
- Central GST, (CGST),
- State GST (SGST),
- Integrated GST (IGST) and for union territories, there is UTGST.
Products Under GST:
- The products such as hair oil, toothpaste, soap, computers and processed food, etc., come under GST.
- All these kind of products comes under the tax slab of \(5\%\), \(12 \%\), \(18 \%\) and \(28 \%\).
Exempted Products On GST:
- There are also many products like eggs, honey, milk, salt, etc., which are exempted from GST.
- Products like petrol, diesel etc., do not come under GST and they are taxed separately.
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