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An Analysis on Indian Goods and Service Tax Act What is GST? Goods and Service Tax is an indirect tax otherwise known as consumption tax. It is imposed for the supply of goods and/or services in India. In almost all process and stages of production GST is being imposed. However, it is to be noted that GST can be refunded to the parties in various stages of production excluding from the end user. Generally, the tax slabs under GST for collection of tax is divided into five slabs such as 0%, 5%, 12%, 18% and 28%. However, it is to be noted that the products in relations to alcoholic drinks, petroleum products, electricity are not being taxed under the current GST regime. In simple words, the GST regime does not define or has provided any provision for taxation. The aforesaid items are taxed separately by the state government of each state. Apart from that special rate have been prescribed for some precious and semi precious stones and gold which are 0.25% and 3% respectively. Additionally a cess of 22% is being charged on top of 28% of GST on some items which includes luxury cars, aerated drinks and tobacco products. Goods and Service Tax was implemented on 1 July 2017 in India. It came into force with 101 Amendment of the Constitution of India as introduced by the Government of India. Automatically, with the implementation of GST all other existing indirect taxes including service tax, vat, custom duty, excise duty etc. were replaced. Currently, all the indirect tax rules, regulations, rates are administered by the Goods and Service Tax council. This council consists of finance ministers of all states and central government Read less