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๐ฎ๐ณ Indian Economy
GST โ One Nation One Tax
Goods and Services Tax replaced 17 taxes in 2017 โ India's biggest tax reform since Independence
India ๐ฎ๐ณ 2017 Indian Economy
Key Facts
- 1
GST implemented 1 July 2017 under 101st Constitutional Amendment; replaced Central Excise, VAT, Service Tax etc.
- 2
Dual GST: CGST (Centre) + SGST (State) + IGST (Interstate); four slabs: 5%, 12%, 18%, 28%
- 3
GST Council: FM chairs + all state FMs; monthly collection crosses โน1.7 lakh crore (2024) โ record revenues
๐ Did you know? India's GST is the world's most complex โ with 5 slabs (0%, 5%, 12%, 18%, 28%) instead of most countries' single rate
Quick Reference
Category
Indian Economy
Country
๐ฎ๐ณ India
Year / Era
2017
About
Goods and Services Tax replaced 17 taxes in 2017 โ India's biggest tax reform since Independence