Quick Answer: What Is The GST Rate In India?

What is the rate 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..

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.

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).

Is GST applicable on food grains?

The government has exempted cereals, pulses, atta, maida and besan from the GST, which will be implemented from July 1. … However, branded foodgrains and flours with registered trade mark will attract 5 per cent tax under GST.

What is GST advantage and disadvantage?

GST is levied only on the value of the good or service. • Abolition of Multiple Layers of Taxation : One of the advantages of GST is that it integrated different tax lines such as Central Excise, Service Tax, Sales Tax, Luxury Tax, Special Additional Duty of Customs, etc.

How is GST calculated in India?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.

What is the GST rate on cars in India?

Pre-GST Tax Laws on AutomobilesSegmentExciseTOTALSmall Cars <1200cc12.50%18%Mid-SizeCars from 1200cc to 1500cc24%18%Luxury Cars>1500cc27%28%SUV’s >1500cc, >170mm ground clearance30%28%Jun 4, 2020

Who are GST exempt?

Presently, businesses and organizations with a turnover of up to Rs 20,00,000 are exempted from the GST registration. The GST exemption limit for the limit for hilly and norther estates is Rs 10,00,000.

What is the HSN code of rice?

HSN Code and GST Rate for Rice, Wheat, Barley and Other CerealsHSN CodeHSN DescriptionPolicy1006 30Semi-milled or wholly milled rice, whether ornot polished or glazed:1006 30 10Rice, parboiledState Trading Enterprise1006 30 20Basmati riceState Trading Enterprise73 more rows

Which is the GST Day?

1st JulySecond anniversary of implementation of historic tax reform of Goods & Services Tax as 1st July is celebrated as the “GST DAY”.

How is the GST calculated?

For the list of applicable GST/HST rates go to GST/HST calculator (and rates). However, to calculate the amount of GST/HST to remit, multiply the revenue from your supplies (including the GST/HST) for the reporting period by the quick method remittance rate, or rates, that apply to your situation.