GST Bill Explained | Summary, Mechanism, History, Architect, GST Council, Structure

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Good and services tax GST India Rate Structure are also Explained.
GST Bill or Goods and Services Tax will be implemented in India on 1st July 2017. This Video Explains - What is GST, History of GST, GST Mechanism / model, who is the architect of GST, GST Full Form, Its Rate Structure, and Advantage of GST, GST for competitive exams (UPSC / IAS / SSC CGL / CDS / NDA / Bank PO)

TIME STAMP

Tax structure in India - 2:08
Concerned Authority - 3:00
History of GST and its architect - 4:23
Explaining the GST Model / Mechanism - 6:03
GST Council - 10:34
GST Tax Slabs - 11:37

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, and Telecom Services.

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

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I finally understood GST after 3 yrs. Thank you :)

chethu
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Sir you've seriously taken the teaching system to another level. Thank you sir. we'll be waiting for the next video.

shivamanishk
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I was trying to understand gst all about for last 2 week, specially about what actually cascading effect....inspite more than 50 videoes on YouTube it was out of my reach....now its deep breath of relax aftr watching your video. ....धन्यवाद ।।

nivaskumar
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Finally After ONE YEAR of GST. I came to know the benefits, structure, members of GST . OMG...!! Thank u sir :) You did a great job sir :)

godsemehul
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Finally understood gst after 4 yrs. Thank u sir.

prajwalkulloli
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Sir i hv no words to express my gratitude. Unparallel clarity in evrything.I m highly indebted of yor efforts.

akash
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Got clarity on GST. Sir, I have no words for appreciation of your lectures. You are God-gifted.

alokbasu
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There is no such a single instructor in whole youtube close to Amit sir..Content delivery/details /Exaplanation tit bit just epic

Blandezuat
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The explanation about the cascading effect was particularly brilliant. Thank you!

Mr
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Best explanation for GST. Even school kids can able to understand. Only you can make education a doodle. Thank you

akilamanoharan
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Best explanation of the gst mechanism even a layman can understand. Thank you so much sir. Best teacher.

krishcapricorn
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THE best video on gst . Glad I found this after a long pursuit of a explanation

gowtham
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Sir, you really understood every concept. Congrats. I understand easily your explanation. Well done Sir👌👌

lambertthong
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Sir, your way of explaining things is soo lucid and crystal clear... I feel very lucky to learn from you the things which otherwise seemed too complicated to me till now.. Thank you sir.. Keep this good work going!! ❤️

nidhinraj
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Really sir you are a Demi god for me
What a teaching skill you have

saipraneethias
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sir u have made learning so easy even though every bit of the topic is present in the vedio still you explain so much in just 1 simple go...thnk u so much

ilakshi
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Cant thank u enuf sir . .. ur videos r the only one's whch feels like seeing again n again... just perfect sir... thank u soo much ❤concepts just fixes in head... sir pls make video on polity too

nehakulkarni
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ur voice make us to understand easily

sachinreddybappa
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Thank you sir for dumbing it down…exceptional teacher

metallurgyaddict
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the best explanation on GST so far. Thank you.

talilkr