Question: What Are The 4 Slabs Of GST?

What is new in GST?

6th August 2020 1.

There’s a new facility on the GST portal for tax filers to get the invoice-wise details of input tax credit that has been auto-populated in Table 8A of the GSTR-9 annual return….Latest GST News.QuarterNew Due dateOctober – December 201831st January 2019January – March 201930th April 20195 more rows.

Are GST rates revised?

GST Rate revision in 38th GST council meeting 38th GST Council meeting was held on 18 December 2019, Wednesday at New Delhi. … GST rate changes will apply from 1 March 2020 for lottery and from 1 January 2020 for bags and sacks.

How much is the current GST on ghee?

GST Rate & HSN Code for Eggs, Honey & Milk Products – Chapter 4HSN CodeDescriptionRate (%)0405Butter and other fats (i.e. ghee, butter oil, etc.) and oils derived from milk; dairy spreads120406Chena or paneer put up in unit container and bearing a registered brand name50406Cheese1214 more rows

What is GST category?

Standard Goods and services fall under one slab attract 12% GST and the items under 2nd slab attract 18% GST. GST rate for Special category of Goods and Services in India. A GST rate of 28% is levied at present against Goods and Services of special category of Goods and Services.

What is GST full detail?

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

How much GST is sanitizer in India?

Last month, the Central Economic Intelligence Bureau alerted GST authorities about manufacturers of alcohol-based hand sanitisers paying 12% GST by “wrongly classifying” them as “medicaments” (under tariff heading 3004) instead of disinfectants (under tariff heading 3808), which attract an 18% levy.

How many types of GST are there in India?

The GST rate in India for various goods and services is divided under 4 slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST.

Is GST good for India?

A considerable advantage of the GST regime is that companies pay much less tax than they paid under the VAT. In addition to eliminating the system of double taxation, the GST system eliminates the multiple state and central taxes businesses had to pay.

How many slabs are there in GST?

fourCurrently, there are four GST rate slabs — 5 per cent, 12, per cent, 18 per cent and 28 per cent. Several items fall in exempt category or nil duty. Besides, cess is also levied on five goods.

Which items are included in GST?

GOODS INCLUDED: There will be a tax of 5 per cent imposed in products like fish fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats, Cashew …

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

What is current GST rate?

Currently, GST has seven rate categories – exempt, 0.25%, 3%, 5%, 12%, 18% and 28%.

Is there any GST on rice?

Ans. GST is levied on rice as follows: a. Rice put up in unit containers with registered brand name:- GST @ 5% will be levied(Notification No-27/2017 CT (R) ,dated:- 22/9/2017).

In which product GST is not applicable?

Also, supplies that attracting nil rate of tax (0% tax) are cereals, fresh fruits and vegetables, milk, natural honey, salt, and more. Along with this, petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas, and aviation turbine fuel are also exempted from GST.

How is GST calculated?

GST can be calculated simply by multiplying the Taxable amount by GST rate. If CGST & SGST/UTGST is to be applied then CGST and SGST both amounts are half of the total GST amount. For example: GST including amount is Rs. 525 and GST rate is 5%.

Is GST good or bad?

GST is actually good for common people. Most importantly through implication of GST, cascading effect on tax has been vanished. Only one tax people have to pay. Even for business man, traders, manufactures GST is good as they easily get their Input credit and which does not lead to increase in a price of a product.

What are the five slabs for collection of GST?

Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.