What is GST?

GST (Goods and Services Tax) levied on every value addition, replaces all the various taxes into one taxation to achieve overall economic growth in India. It is launched on 1st July 2017 and it is set to revolutionize the way we do our taxes. GST is a single tax, communicates right from manufacturer to the customer and its rate structure has been finalized with slab rates of 5%, 12%, 18% and 28%. The government has been finalized, that the large items are kept under 18% tax slab where Gold and rough diamonds does not fall under these current slab rates and will be taxed at 3% and 0.25% respectively.