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Journey of GST in India
The GST journey began in the year 2000 when a committee was set up to draft law. It took 17 years from then for the Law to evolve. In 2017 the GST Bill was passed in the Lok Sabha and Rajya Sabha. On 1st July 2017 the GST Law came into force.
What are the components of GST?
There are 3 taxes applicable under this system: CGST, SGST & IGST.
CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within Maharashtra)SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within Maharashtra)IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)
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