Is GST good or bad?
GST is actually good for common people.
Most importantly through implication of GST, cascading effect on tax has been vanished.
Only one tax people have to pay.
Even for business man, traders, manufactures GST is good as they easily get their Input credit and which does not lead to increase in a price of a product..
What is the GST percentage on shoes?
18%HSN Code & GST Rate for Footwear, gaiters, shoes etc – Chapter 64Rates (%)Products Description18%Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of leather18%Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of textile materials5 more rows•Jun 13, 2020
Which country has no GST?
Number of UN Member States are 193 and out of the 193, only 41 Member States do not implement VAT/GST, as follows: No. The detailed list of country are attached….1. List of Countries Implementing VAT/GST.No.RegionNo. of Country4Oceania75Africa446South America117Caribbean, Central & North America193 more rows•Jan 24, 2014
In which country GST came first?
FranceFrance was the first country to implement the GST in 1954, and since then an estimated 160 countries have adopted this tax system in some form or another.
How do I calculate GST?
GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.
What are the different types of GST?
There are four different types of GST as listed below:The Central Goods and Services Tax (CGST)The State Goods and Services Tax (SGST)The Union Territory Goods and Services Tax (UTGST)The Integrated Goods and Services Tax (IGST)
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.
Who is the father of GST in world?
Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.
Who invented GST in world?
The concept behind GST was invented by a French tax official in the 1950s. In some countries it is known as VAT, or Value-Added Tax. Today, more than 160 nations, including the European Union and Asian countries such as Sri Lanka, Singapore and China practice this form of taxation.
What is the rate of GST in India?
The GST rate in India for various goods and services is divided under 4 slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST.