What is GST?

                                     GST

                         (Good and Service Tax)                                                                                                                                        

Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition.GST  is an indirect tax applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% and 18% and also many rough precious and semi precious stone .

HISTORY

France was the world's first country to implement GST Law in the year 1954 . The reform process of India's Indirect tax regime was started in 1986 by Vishwanath Pratap Singh with the  introduction of the Modified Value Added Tax (MODVAT) . A single common "Good and Services tax (GST)" was proposed and given a goahead in 1999 during meeting between then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three formal RBI governors IG Patel, Bimal Jalan and C Rangarajan. 

So, earlier the pattern for GST are shown in fig. here VAT stand for Value Added Tax .In 2014, the NDA government was re-elected withpower .

                        

PRESENT SCENARIO  

• This  time under the leadership of Narendra Modi. With the consequential  dissolution of the 15th Lok  Sabha, the GST Bill – approved by the standing committee for reintroduction –lapsed. Seven months after the formation of the Modi government, the new Finance  Minister Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority.
• A 21-members select committee was formed to look into the proposed GST laws.
• State and Union Territory GST laws were passed by all the states and Union Territories of  India except Jammu & Kashmir, paving the way for smooth rollout of the tax from  1 July 2017.

Now, 

The Goods and Services Tax (GST), was launched on the midnight of 30 June 2017 by the Prime Minister of India Narendra Modi. The launch was marked by a historic midnight (June 30-July 1, 2017) session of both the houses of parliament convened at the Central Hall of the Parliament. Though the session was attended by high-profile guests from the business and the entertainment industry including Ratan Tata, it was boycotted by the opposition due to the predicted problems that it was bound to lead to for the middle and lower class Indians.

It is also expected that Goods and Services Tax will improve the collection of taxes as well as boost the development of Indian economy by removing the indirect tax barriers between states and integrating the country through a uniform tax rate.