Goods and Service Tax (GST) is the new tax regime introduced in India in July 2017. The new tax is the replacement of all the indirect taxes like Service Tax, Value Added Tax, etc. Earlier, the customer used to pay these taxes out of which the tax was divided amongst the state and the central government wherein the government was not getting the total control.
GST Tax rates
The GST Council meeting, which took place between the Union and State Finance Ministry Officials, has come out with a slew of relief measures for the businesses and public in general. In order to provide a big festive cheer here’s came an announcement on jewellery purchases exceeding ₹50,000 won’t require PAN Card. However, the biggest of all is the announcement of reducing the GST rates of 27 products and a few services. The Council headed by Jaitley decided to continue the two pre-GST era schemes, allowing duty-free sourcing of materials for export production till March, 2018.