When was the indirect tax at which Navin Kumar served as the first chairman introduced in India?
Goods and Services Tax (India) Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% ,18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country's 2 trillion dollar economy. The rate of GST in India is between double to four times that levied in other countries like Singapore.
National Commodity and Derivatives Exchange National Commodity & Derivatives Exchange Limited (NCDEX) is an online commodity exchange based in India. It has an independent board of directors and professional management, who have interest in commodity markets. It provides a commodity exchange platform for market participants to trade in commodity derivatives. It is a public limited company, incorporated on 23 April 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on 9 May 2003, and began operations on 15 December 2003. NCDEX is the only commodity exchange in the country promoted by national institutions. NCDEX is regulated by the [Securities and Exchange Board of India] (SEBI), and is subject to the Companies Act 2013, Stamp Act, Contracts Act, Forward Commission (Regulation) Act, and various other laws.