What are different categories of Goods & Service Tax Rate?

What are Goods & Service Tax Rate?

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. The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than Rs. 100 and 28% GST on tickets costing more than Rs. 100 and 28% on commercial vehicle and private and 5% on readymade clothes. The rate on under-construction property booking is 12%. Some industries and products were exempted by the government and remain untaxed under GST, such as dairy products, products of milling industries, fresh vegetables & fruits, meat products, and other groceries and necessities.


For more information on this visit https://www.taxaj.com/

    • Related Articles

    • GST Applicability & Tax Rates on Electrical Industry

      Goods and Services Tax (GST) Applicability & Tax Rates in the Electrical Industry The Goods and Services Tax (GST) is a significant tax reform in India that has streamlined the taxation system by replacing multiple indirect taxes with a unified tax ...

    • Various GST Tax Slabs in India

      GST Tax Rate - Brief Description The Goods and Services Tax (GST) has been one of the most controversial and talked about change in the tax structure of India. Before the GST regime took effect in India the tax structure was a mishmash of many ...

    • GST Applicability & Tax Rates on Food

      GST on Food We help you understand all about GST on food items, GST on restaurants, and how a restaurant bill will look under GST. We also explain the different GST rates applicable on foods in hotels vs. the GST rate on foods in standalone ...

    • Goods and Service Tax Registration

      Find Complete Details of GST Registration Procedure GST registration applies to all individuals and entities supplying goods or services in India. GST registration becomes mandatory when the aggregate value of supply exceeds Rs.20 lakh. The Ministry ...

    • Lower GST Rate Composition Scheme for Service Providers

      The Government introduced the composition scheme to assist small taxpayers and reduce the compliance burden.  A dealer under a composition scheme is required to maintain fewer records/books of accounts and is not required to file monthly ...