What is GST ? Explained in Simple words.

hey guys,
its me Rohit Patil here, from 1st of July we in india have applied the GST bill and also have been a huge financial change in the country's economy !

This new Tax Structure is the collection of all the previous types of Tax like Sale Tax, VAT, Entertainment Tax, Service Tax, and Income Tax etc.

Goods and Services Tax is of three types CGST, SGST, and IGST.

According to economist GST will not affect Governments profit that much but increase Indian Economy by 4.2%.

7 Tax Slabs are formed for GST Bill in India Nil, 0.25%, 3%, 5%, 12%, 18%, and 28%

Nil Tax Slab Contains - Fresh Meat, Eggs, Milk, Curd,  Natural Honey, Fruits, Vegitables, Bread, Prashad, Salt, Bindi, Sindoor, Books, Paper, Newspaper, & Hotels with price less than Rs 1,000.

5% Tax Slab - Packed Food Items, Clothes below Rs 1,000 , Footwear below Rs 500, Tea, Coffee,  Pizza, Kerosene, Coal, Medicines, Transport Service like Railway and Air Transport.

12% Tax Slab - Clothes above Rs 1,000 , Butter, Cheese, Dry Fruits(Packed), Ayurvedic Medicines, Fruit Juice, Agarbatti, Cell Phones and Business Class Air Tickets.

18% Tax Slab - Footwear above Rs 500, Biscuits, Cakes, Mineral Water, Camera and Other Electronics Product, andTelecom Services.

28% Tax Slab - Alcohol, Cigarettes, Pan Masala, Paint, Deo and Big Machines.

#GSTBill

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Watch Full Detailed Vider here : GST Explaination video !