GST


 GST is known as the Goods and Services Tax, is an indirect tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc. The main objectives of GST are as follows: It helps create a common market in India with uniform taxation system and curb tax evasion in the country. GST rates in India for various goods and services are divide into four slabs: 5% GST, 12%GST, 18% GST, 28% GST. A single common "Goods and Services Tax (GST)" was proposed and given a go- ahead in 1999 during a meeting between the prime minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalen and C Rangarajan.   

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