Question: What Is Current GST Rate?

What is new GST rule?

Taxpayers with an annual turnover of less than Rs 5 crore need not pay interest, late fee or penalty for late filing of GST returns.

The rest of the taxpayers are liable for interest at 9% if the GST payment is made after 15 days from the original due date.

CMP-02 due date is extended to 30th June 2020..

On which product GST is applicable?

The government has categorised items in five major slabs – 0%, 5%, 12%, 18% and 28%. No tax will be imposed on items like jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi.

What is GST with example?

GST is a single tax on the supply of goods and services. That means the end consumer will only bear the GST charged by the last dealer in the supply chain. Several economists and experts see this as the most ambitious tax reform since independence.

What is the current GST rate 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. However, there are some products that do not carry any GST rate.

What type of tax is GST?

GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central.

Which is the GST Day?

1st July 20181st July 2018 to be celebrated as GST day | Goods and Services Tax Council.

Is GST applicable below 1000?

SERVICES: There will be no tax on hotels and lodges with tariff below Rs 1,000. A 0.25 per cent tax will be levied on rough precious and semi-precious stones.

Is there any GST on rice?

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

How do I calculate GST?

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 current GST rate for restaurants?

18%18% GST on restaurant services including room service and takeaway provided by restaurants located within a hotel featuring room tariff over Rs. 7,500. 18% GST on food services including delivery of food provided by a restaurant/food joint located within premises of a club, guest house, etc.

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 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.

Is GST required for zomato?

Swiggy, Zomato and Foodpanda provide online delivery services to restaurants at a commission of around 20 per cent, which is levied an 18 per cent GST. Unlike earlier, restaurants can no longer claim ITC on the 18 per cent GST for the input services from these delivery platforms.

What is present GST rate?

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.

How does the GST work?

The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST.

Is GST direct tax?

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. … The GST replaced existing multiple taxes levied by the central and state governments.

What is the formula for GST in Excel?

To do this you simply multiply the value, excluding GST by 15% or by 0.15. To find the total including GST simply add the two values together. In the example below B5 has been multiplied by 0.15, which is the same as 15%. You can type either value into the formula and Excel will give you the correct answer.

What is the GST on 5 star hotels?

GST on rooms with tariff of Rs 7,500 and above is 28%, while rooms with Rs 2,500-7,500 tariff attract 18% tax.

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.

On which amount GST is applicable?

NEW DELHI: In a “massive relief” to small businesses, the GST Council Thursday doubled the limit for exemption from payment of goods and services tax (GST) to Rs 40 lakh and announced that the higher turnover cap of Rs 1.5 crore for availing composition scheme of paying 1 per cent tax will be effective from April 1.

How do I calculate monthly GST?

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%.