GOODS AND SERVICES TAX IN INDIA

GST

1. IT IS SET TO BE IMPLEMENTED ON 31/06/2017.
2. IT CREATES SINGLE,UNIFIED INDIAN MARKET TO MAKE STRONGER ECONOMY.
3. IT  IS EXPECTED THAT INDIA WILL CROSS CHINA IN TERMS OF GDP WITHIN 2016-2018 AND GST BECOME ONE OF THE PILLAR TO MAKE THIS HAPPEN.
4. GST REPLACE ALL THE INDIRECT TAXES LIKE CENTRAL SALES TAX,STATE LEVEL SALES TAX,STAMP DUTY ,TELECOM LICENCE FEE,TAXES ON TRANSPORTATION OF GOODS AND SERVICES ETC.
5. IT STOP THE CASCADING EFFECT OR DOUBLE TAXATION.
6. IT CHARGED ON VALUE ADDITION IN SUPPLY CHAIN METHOD (SHIFTED TO NEXT BUYER, AND LASTLY LAST BUYER)INSTEAD OF TOTAL VALUE OF PRODUCT. 
7. TAXES PAID BY COMPANIES REFUNDED BY THIS SYSTEM AND IT ULTIMATELY PAID BY CUSTOMER.
8. IT WOULD BE COLLECTED BY CENTER WHERE CONSUMPTION TAKES PLACE.
9. ONLY ONE TAX SIMPLIFY THE TAX SYSTEM AND REDUCE THE BAD EFFECT OF MULTI LEVEL TAXATION.
10. WE CAN SAY GST, CAN ALSO BE CALLED NATIONAL VAT.
11. PETROLEUM PRODUCTS WILL NOT BE PART OF GST ONLY FOR FEW YEARS.
12. FIFTEEN STATES WILL HAVE TO APPROVED THE BILL TO BECOME A LAW.
13. TAX BURDEN WILL HAVE TO DIVIDED EQUITABLY BETWEEN MANUFACTURING AND SERVICE THROUGH LOW AND PROPER TAXATION.
14. IT HELPS TO BUILD A TRANSPARENT TAX SYSTEM.
15. INDIA EXPECTED TO GAIN $15BILLION A YEAR BY IMPLEMENTING GST.
16. THE EXTRA MONEY HELPS MORE EMPLOYMENT, BOOST PRODUCTION IN THE ECONOMY (GDP)AND FOR OTHER DEVELOPMENT WORKS.
17. DUE TO LESS TAXATION DEMAND WILL GO UP WHICH GENERATE ,MORE PRODUCTION AND EMPLOYMENT.
18. IT HELPS TO REDUCE CORRUPTION FREE TAX SYSTEM.
19. IT MAKES CHEAPER PRODUCT.
20. IT HELPS IN MAKE IN INDIA PROJECT.
21. Their are 4 tax rates 5%, 12%, 18%, and 28%.
22. No tax on necessity goods and high tax rate for luxury goods to balance out income inequal distribution. 
23. If tax rate is 18% then 9% goes to Central Government and rest 9% goes to state government.
24. There are three types of GST one is CGST second is SGST third is IGST. CGST stands for Central goods and services tax, SGST stands for state goods and services tax and IGST stand for integrated goods and services tax or inter state GST.