Goods and Services Tax (GST):

President Pranab Mukherjee has given assent to following Goods and Services Tax(GST).

1) The GST (Compensation to States) Act, 2017:- provides for compensation to the states for the loss of revenue arising on account of implementation of the Goods and Services Tax.

2)  The Central GST Act, 2017.

3) The Integrated GST Act, 2017,and

4) The Union Territory GST Act, 2017:- for levy and collection of tax on intra-state supply of goods, services or both by the Union Territories. 

These bills were passed in Rajya Sabha on April, 6 th 2017 and by Lok Sabha on March 29 th 2017.

GST Council has finalised  5, 12, 18 and 28 per cent slab rates for GST Taxes.

Various Taxes:under various circumstances

Indian citizens have to pay various Taxes in their day to day lives.This obviously doesn't make them happy.

Circumstances under which Indian Citizens pay taxes are listed below :-

1) At the time of Purchase of goods.

2) At the time of Sale of goods.

3)At the time Providing Service

4) At the time of service received

5) At the time of repair of goods.

6) At the time of Manufacturing of goods

7) At the time of Transfer of goods

8) At the time of earning salary

9) At the time of  earning Professional charges.

10) At the time of consultancy fees.

11) At the time of payment of consultancy fees.