Best Commerce classes Near Me for 11th | 12th | CA/CS Foundation | BCom | BBA Behere Classes Basics of Economics Series Part 14: Goods and Services Tax (GST) GST, that is Goods and Services Tax is an indirect tax (or consumption tax) imposed on the supply of goods and services. It is a comprehensive destination-based, multistage tax. Comprehensive because it has subsumed almost all the indirect taxes (with few exceptions). Multi-Staged, because it is imposed at every step in any production process (to be refunded to all parties in the various stages of production other than the final consumer). And destination-based tax, as it is collected from point of consumption and not from the point of origin like previous taxes. Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax regime. The tax came into effect from July 1, 2017, through the implementation of the 101st Amendment of the Constitution of India by the Indian government. The tax replaced existing multiple flowing taxes levied by the central and state governments. The tax rates, rules, and regulations are governed by the GST Council which consists of the Union finance ministers and all the states finance ministers. GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's 2.4 trillion dollar economy. Thank You. Regards, Behere Classes (www.behereclasses.com) Tags: Best 11th commerce classes in Pune, 11th commerce class in Pune, top commerce coaching in pune, Commerce classes in Pune city, 12th commerce classes in Pune, 12th commerce class in Pune, commerce classes near me, best commerce classes near me, 11th 12th commerce classes near me, BBA coaching classes in Pune, BBA classes near me, BCom classes in Pune, BCom classes near me, BBA tuitions near me, BCom tuitions near me, commerce tuitions near me, classes for 11th commerce, CA classes in Pune, Pune 11th commerce classes, tuitions for 11th commerce, CA foundation classes, CS foundation classes, best CA foundation classes, best CS foundation classes