Here Are 5 Facts You Should Know About GST

The bills passed today are the Central GST bill, the Integrated GST bill, the Union Territories GST bill and the compensation law. After Parliament's nod, a state GST bill will be presented in state assemblies for their further approval.

Finance Minister Arun Jaitley made a strong impact for a simple tax regime, reminding main opposition party, that seven finance ministers of states it rules have signed off on the provisions of the four bills as part of the GST council.

Finance Minister also explained to the opposition party about the different slabs by saying "If there are no multiple rates, it will become a highly regressive tax... Some goods are essential for the poor." To proof his point he said, "A BMW and Hawai chappal(slippers) can't have the same tax. What is the good, who uses it, matters."

"I congratulate countrymen on the GST Bill being passed. New year, new law, new India," Prime Minister Narendra Modi has tweeted.

The GST rates will range from 5 to 28 per cent, with 12 per cent and 18 per cent being the standard rates. It has not been yet decided to which tax rates will apply to which categories of goods.

Earlier the dates but decided too early providing no proper time for its implementation in such a populous country. Therefore traders and companies pleaded for time and said the to learn each aspect of GST, india need time. Hence today the GST is passed and will be implemented from 1 July.

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