Learn about the Goods and Services Tax (GST) in India, its historical background, key features, rate structure, and significance for the economy. Prepare for competitive exams with this comprehensive guide.
What is GST?
The Goods and Services Tax (GST) is a destination-based indirect tax on the supply of goods and services. It simplifies the taxation system by providing input tax credit at each stage of the supply chain.
Historical Background of GST in India
Explore the timeline of GST implementation in India from the initial proposal in 2000 to its launch in 2017.
Key Milestones:
- 2000: Committee set up to draft GST framework
- 2017: GST officially launched across India
- 2018: First GST Day celebrated
Salient Features of GST
- One Nation, One Tax
- Dual GST Model
- Destination-Based Taxation
- Input Tax Credit (ITC)
- Threshold Exemption and Composition Scheme
- Online Compliance via GSTN
- Anti-Profiteering Measures
- Transparency and Increased Compliance
- Sector-Specific Exemptions
- Account Settlement Between Centre and States
GST Rate Structure (As of 2025)
Understand the current GST rate structure with different slabs ranging from 0% to 28% and compensation cess on certain goods.
Top 10 States by GST Revenue (April 2025)
Discover the states leading in GST revenue collection in April 2025, showcasing the growth in GST collections.
Significance of GST
Learn about the impact of GST on MSMEs, consumers, and the logistics sector, bringing about simplification, transparency, and growth in the economy.
Key Takeaways for Competitive Exams
- Understand the concept of GST as a destination-based indirect tax
- Recognize the key features of GST including input tax credit and sector-specific exemptions
- Explore the historical background and milestones of GST implementation in India
- Comprehend the significance of GST on the economy, MSMEs, consumers, and the logistics sector
