The government is working tosimplify the Goods and Services Tax (GST)following the revision of income tax slabs in theUnion Budget 2025-26. Among the proposed changes is the elimination of the 12% GST slab. Currently,the average GST rate has decreased from 15.8% to 11.3%, with no tax hik...
The amount of GST is the value multiplied by the tax rate. The value of a supply is equal to the consideration less the tax chargeable. The consideration for a supply depends on what has been given in exchange for the supply. The consideration may be in the fo...
When you are required to charge GST at a rate of 9% on supplies made on or after 1 Jan 2024, it is important to include this 9% GST in your GST return, regardless of whether you have already received the payment from your customers. In cases where you have only collected GST at a ...
There is a differential tax structure under GST. A tax rate of 5% is imposed on essential services. Commercial services are charged at the rate of 18%, whereas standard services at 12%. Services provided by educational institutions are exempted from service tax. ...
GST on Food GST on Rent GST on Insurance Premium Frequently Asked Questions 1. What is the GST Rate on Imported Mobile Phones? The GST rate on imported mobile phones and their components is 18%. However, the overall cost of imported phones is influenced by various factors such as custom du...
GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (biogas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. Other goods or services used in these plants attract app...
Know before you use the GST Rate Finder: Step 1: Firstly, HSN is required to be determined. HSN for goods is to be determined by referring to the First Schedule to the Customs Tariff Act, 1975.The rules for the interpretation of First Schedule to the Customs Tariff Act, 1975, including...
The new GST rates are lower for a number of products in the category of household items. Those who previously paid 18 per cent GST now pay 12 per cent or 5 per cent GST. Those that had a GST rate of 28% have GST rates of 5%, 18%, and even 0%. ...
Covers standard goods and processed food items, balancing affordability with quality. 18% The most common rate, applied to a wide range of goods and services including electronics, commercial vehicles, and financial services. 28% Reserved for luxury items, entertainment, and gambling services, reflect...
GST is not payable on sale of Fresh vegetables, roots and tubers other than those in frozen or preserved state Potatoes, fresh or chilled falls under GST exemption list What is the concessional rate of GST on Tomatoes, fresh or chilled. Onions, shallots, garlic, leeks and other alliaceous...