The GST Council, the apex decision making body for new tax regime has decided the rates of tax on goods to be applicable on 18-05-17 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods.
The Goods and Services Tax Network (GSTN) is a non-profit, public private partnership company. Its primary purpose is to provide IT infrastructure and services to central and state governments, taxpayers and other stakeholders, thereby facilitating the implementation of the Goods and Services Tax (GST).GSTN is called the backbone of GST.
Anti-Profiteering means making unreasonable profits. In GST a clause of anti-profiteering has been introduced by the government to protect the consumers from profiteering by the traders.
The First Model GST Law came on public domain on 14 June, 2016, thereafter got revised on 26th November,2016. Now the Law has been finally Passed, the ministry is hoping to roll out GST from 1st July,2017.
The textile and apparel industry in India represents around 10% of make or generation and 2% of India's Gross Domestic Product (GDP) and constitutes around 13% of nation's fare profit. The impact of GST on the textile industry could be resolved simply after conclusive rates are announced for the merchandise.