Delhi foam traders association member Mahender Malik says Goods and service tax degrades 10% costs of the goods. Mahender Malik who is an active member of Delhi Trade union association and Delhi Foam trade union association says,”for the betterment of the country, GST is the only solution which is helping not only the medium level businesses but also helpful for large level organisations and shopkeepers”. The GST journey began in the year 2020 when a committee was set up to plan GST law in Rajya Sabha. In 2017, the GST bill passed into Lok Sabha and Rajya Sabha and on 1st July law came into force in India; it was a revolution in the Indian market which took 17 years to evolve.
GST is an Indirect tax which has replaced many Indirect Taxes in India. It was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. With the help of an example, you can understand the actual concept of GST. Let us assume that a merchant in Delhi had sold the goods to a merchant in Uttar Pradesh worth Rs. 50,000. The GST rate is 18% comprised of the only IGST. In such case, the dealer has to charge Rs. 9,000 as IGST, which will go to the Central Government. So total 9% CGST(will be collected by Central Government), and 9% IGST (will be collected by the state government and the Central government will collect rest % as an Inter-state sale charge.