• GST In Simple Terms Means A Uniform Tax That Will Be Implemented Across The Nation. Goods And Service Tax Will Replace All The Indirect Taxes That Are Levied By Central And State Governments.
• The Current Committee Headed By ArvindSubramaniam Has Recommended The Three-Rate Setup For Rolling Out GST Successfully. The Panel Has Recommended That For Goods That Are Meant For The Poor, 12% GST Can Be Levied. The Panel Has Also Suggested An 18% GST For All Other Common Items And 40% For Luxury Items.
• In This Newly Passed GST Bill Or The Constitution (122 Amendment) Bill, 2014, The Exemption List Includes Alcohol, Petroleum And Its Products.
• GST Will Enable The Creation Of The GST Council Comprising The Union Finance Minister And Members Of The State Government. The Council Will Look Into All Monitor All Issues Relating To GST And Suggest Recommendations On Improving The GST Bill. It Will Look Into All Factors Such As Taxes, Exemptions And Surcharges. The Council Will Decide The Tax Rate That Will Be Levied By The Centre And The State.