Highlights of Union Budget 2019
The Modi Government after getting elected for a second term presented their maiden Union Budget. The budget was presented on July 05, 2019 by the newly appointed Finance Minister Nirmala Sitaraman. The main highlights of Union Budget 2019 are listed below:
Union Budget 2019
EASE OF LIVING
STATE OF ECONOMY
The Goods and Service Tax (GST) is an indirect/consumption tax levied on the supply of goods. Currently, GST is divided into 5 tax slabs for collection of tax- 0%, 5%, 12%, 18% and 28%.The Goods & Service Tax came into effect on July 1, 2017 as per the 101st Amendment of the Constitution of India by the Indian Government.
The GST types are determined based on the province in which the goods and/or services are exchanged and transactions made. The types of GST include: • Central Goods & Services Tax (CGST) • State Goods & Services Tax (SGST) • Union Territory GST (UTGST) • Integrated GST (ITGST)