Important facts about GST

1. Goods and service tax ONE COUNTRY ONE TAX.
2. France is The first country to implement GST in 1954.
3. 1st conceptualized in 1999 during Atal Bihari Vajpayee regime
4. Head of 1st GST committee was Asim Dasgupta
5. Recommendation of Rolling Out of GST by Vijay Kelkar
6. GST will abolish all the indirect tax levied in India.
7. It has been implemented from 1 July, 2017 throughout the country.
8. GST is comprise five basic rates: 0 percent, 5 percent, 12 percent, 18 percent and 28 percent.
9. The Union Finance Minister Arun Jaitley is the Chairman of the GST council. 
10. The constitutional amendment bill is 122
11. .The constitutional amendment Act is 101
12. GST council formation based on Article 279A.
13. GST council head quarter is in New Delhi.
14. Goods that are not be covered under the GST bill are cooking gas, liquor, petrol.
15. 1st state to ratify the GST is Assam.
16. 1st state to pass the GST bill is Telangana.
17. GST bill passed by Loksabha on March 29 2017.
18. GST bill passed by Rajyasabha on April 6 2017.
19. The Taxation Laws (Amendment) Bill, 2016 passed in Lok Sabha seeks to amend the Customs Tariff Act of the year 1975.
20. Authorized Capital for GSTN is ₹10 crore.
21. Share of capital of GSTN - 24.5% State Govt. , 24.5% Central Govt , rest by private banking firms.
22. GST threhold limit for normal states is 20 lakh.
23. GST threhold limit for north eastern states is 10 lakh.