What is the latest amendment in Indian Constitution?
One Hundred and Fourth Amendment of the Constitution of India
| The Constitution (One Hundred and Fourth Amendment) Act, 2019 | |
|---|---|
| Passed | 12 December 2019 |
| Assented to | 21 January 2020 |
| Commenced | 25 January 2020 |
| Legislative history | |
What is the 35 Amendment?
Every citizen who has reached his 35th year of age and is not placed under disability or incapacity by law, is eligible for election to the office of President.
What is the 101 amendment?
Officially known as The Constitution (One Hundred and First Amendment) Act, 2016, this amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017. It replaces all indirect taxes levied on goods and services by the Indian Central and state governments.
Is GST 101 or 122 an amendment?
Constitution (101st Amendment) Act, 2016 The applicability and scope of the GST law. The manner of apportionment of revenue from GST among Centre and States. The constitution, powers and duties of the GST Council.
Which state passed GST first?
Assam
Who made GST?
Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.
Who is called Father of GST in world?
A single common ‘Goods and Services Tax (GST)’ was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.
Who is father of GST?
Vajpayee set up a committee headed by the Finance Minister of West Bengal, Asim Dasgupta to design a GST model. The Asim Dasgupta committee which was also tasked with putting in place the back-end technology and logistics (later came to be known as the GST Network, or GSTN, in 2015).
What is the GST law?
In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.
Who is liable for GST?
2) Who is liable to pay GST? In general the supplier of goods or service is liable to pay GST. However in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
What is the GST percentage?
The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.
On what amount is GST charged?
For adding GST, the following formula is used. For example, if a product or service costs Rs. 100 and the GST levied on that is 18%, the GST amount will be 100 x 18% = Rs. 18.
What is the time limit for taking ITC?
To claim ITC, the buyer should pay the supplier for the supplies received (inclusive of tax) within 180 days from the date of issuing the invoice.
On what is GST applicable?
TURNOVER BASIS You must collect and pay GST when your turnover in a financial year exceeds Rs. 20 lakhs. [Limit is Rs 10 lakhs for some special category states]. These limits apply for payment of GST.