Top 15 Important Facts About GST every tax payer should know


All You Need To Know About GST

GST in simple terms means a uniform tax it will be implemented across the nation. GST will replace all the indirect taxes that are levied by central and state government. The GST committee is headed by Arvind Subramanium, the committee has recommended that 12% GST should be levied on poor items, 18% GST on common items and 40% for luxury items. The GST council fixed rates for 1211 items, the council will decide the tax rate that will be levied by the centre and the state. Few Important Facts about GST every tax payer should know

The GST will be implemented in two components CGST and SGST. If the sale is done within the state then the both CGST and SGST will be charged. If the sale is outside state then the intra state GST will be charged by the centre through this the goods becoming cheaper and costlier when GST kicks in market

gst facts you should know

Things that would get cheaper when GST comes in action

Several consumer products like soaps,toothpaste and hair oil under 18%, several food items such as edible oil, tea, coffee, sugar etc kept 5% 

(1) Branded goods:- tax rate on these goods have bee cut down to 18% currently they were 23-24%

(2) Restaurants: will come down to 18% from 22%

(3) Food grains: they will also cost less 

(4) Hotels: staying in hotels will also become cheaper and will come under the 18% slab

(5) Processed food items: earlier drew tax rate of 15% now will be taxed at 5%

(6) Entertainment services: at present 22% is charged under GST 18% will be charged

(7) Soaps: currently 28% is taxed in GST 18% 

(8) Toothpaste: currently 22-24% is charged in GST 18% will be charged

(9) Personal hair products: currently 28% is charged under GST it will become 18%

Things getting Expensive after GST

(10) Tea, Coffee and Masala: right now taxed at 3-9% but in GST it will be charged at 5%

(11) Luxury goods, Aerated drinks,Tobacco products: to be taxed at 28%

(12) Mobile bills, Insurance premiums, Banking charges, Internet, wifi and DTH services: they will be charged at higher price

(13) School fees, Courier services and Air tickets to get expensive

(14) Small cars: they will get a hike in tax rate of 28%

(15) As announcement made by Arun Jaitley our finance minister there are,

43% items fall under 18% tax rate

19% items fall under 28% tax rate

17% items fall under 12% tax rate

14% items fall under 5% tax rate

7% items come under exemption list

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