GST in India: 10 Crucial Facts Every Citizen Must Know
GST in India: 10 Crucial Facts Every Citizen Must Know Introduction: Goods and Services Tax (GST), implemented on 1st July 2017, is one of the most significant tax reforms in India. While it impacts everyone—from businesses to consumers—most citizens still remain unaware of its basic functioning. Let’s explore some must-know facts about GST that every Indian should be familiar with. ✅ 1. One Nation, One Tax GST replaced a complex web of multiple indirect taxes like VAT, Service Tax, Excise Duty, etc. Now, instead of paying various taxes, there’s just one tax system across India. ✅ 2. GST Has Four Tax Slabs Goods and services are taxed under four major slabs: 5% – Essentials (like food items) 12% & 18% – Common goods/services (like mobile phones, restaurants) 28% – Luxury or sin goods (like air conditioners, tobacco) Understanding these slabs helps consumers know where their money is going. ✅ 3. GST is Collected in Two Parts Every GST invoice has: CGST – Central GST SGST/UTGST...