GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download – About GST Slabs you need to Know – Hello friends Welcome To StudyDhaba.com .Here We are sharing Information About GST Slabs Rate In india . In this Post We Will understand full Concept of GST Rates In India .
GST Definition, Objective, Framework, Action Plan & Scope
- GST was first recommended by Kelkar Task Force on implementation of Fiscal Reforms and Budget Management Act 2004 but the First Discussion Paper on Goods and Services Tax in India was presented by the Empowered Committee of State Finance Ministers .10th Nov.10th, 2009.
- In 2011, the Constitution (115th Amendment) Bill, 2011 was introduced in Parliament to enable the levy of GST. However, the Bill lapsed with the dissolution of the 15th Lok Sabha.
- Subsequently, in December 2014, the Constitution (122nd Amendment) Bill, 2014 was introduced in Lok Sabha. The Bill was passed by Lok Sabha in May 2015 and referred to a Select Committee of Rajya Sabha for examination.
GST Council – Role and Functions
- Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
- The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.
As per Article 279 A of the amended Constitution, the GST Council which will be a joint forum of the Centre and the States, shall consist of the following members: –
- the Union Finance Minister………………………………………………………. Chairperson;
- the Union Minister of State in charge of Revenue or Finance…………….. Member;
- the Minister in charge of Finance or Taxation or any other Minister nominated by each State Government……………………………….. Members.
Amendment After Which GST Council Was Established
- The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2016, for introduction of Goods and Services tax in the country was introduced in the Parliament and passed by Rajya Sabha on 3rd August, 2016 and by Lok Sabha on 8th August, 2016
Objectives of GST -gst rates downloads pdf -gst tax slab in hindi
- One Country – One Tax
- Consumption based tax instead of Manufacturing
- Uniform registration, payment and Input Credit
- To eliminate the cascading effect of Indirect taxes on single transaction
- Subsume all indirect taxes at Centre and State Level under
- Reduce tax evasion and corruption
- Increase productivity
- Increase Tax to GDP Ratio and revenue surplus
- Increase Compliance
- Reducing economic distortions
Regulatory Framework of GST
- A new set up by Government of India named as ‘GST Council’.
- The GST Council consists of
- (a)the Union Finance Minister (as Chairman),
- (b) the Union Minister of State in charge of Revenue or Finance, and
- (c) the Minister in charge of Finance or Taxation or any other Minister, nominated by each state government.
- All decisions of the GST Council will be made by three fourth majority of the votes cast; the centre shall have one-third of the votes cast, and the states together shall have two-third of the votes cast.
Action Plan of GST Council
- List number of Taxes, cesses, and surcharges to be subsumed under GST
- Preparation of list of goods and services subject to, or exempt from GST
- Determination of threshold limit of turnover for application of GST
- Fixation of rates
- Preparation of model GST Laws, principles of levy, apportionment of tax benefits
- Firming up Place of supply Rules
- Recommend on Compensation to states losing on revenue post implementation of GST, subject to maximum time limit of 5 years.
What are the slabs of GST?
- Goods and Services Tax (India) … GST is levied at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.
- Goods and services are divided into five tax slabs for collection of tax – 0%, 5%, 12%,18% and 28%.
How is GST calculated?
- IGST would be equal to the sum total of CGST and SGST/UTGST. GST (Goods and Services Tax) is the biggest indirect tax reform as it is a single tax levied on supply of goods and services.
- It is applicable as 5%, 12%, 18% and 28%.
- To calculate GST you can use the online GST calculator in India.
- There Are Many Online tools Available On Net Which you can use For Calculating GST In India .
What is HSN code under GST?
- Harmonized System of Nomenclature, or HSN, was conceived and developed by the World Customs Organization (WCO) with the vision of classifying goods from all over the World in a systematic and logical manner.
- It is a six digit uniform code that classifies more than 5,000 products and is accepted worldwide.
What items are exempt from GST?
- Some examples of GST/HST zero-rated goods and services are: Basic groceries – This category includes meat, fish, poultry, cereals, dairy products, eggs,vegetables (fresh, frozen, canned), coffee, tea, etc. (but does not include items not necessary for dietary needs, such as snack foods, liquor, sodas, candy, etc.)
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Scope of GST
- All goods and services are covered under GST Regime except Alcoholic liquor for Human Consumption,
- Tobacco Products subject to levy of GST and Centre may also levy excise duty
GST Council yet to decide the incidence and levy of GST on following;
- a)Crude Petroleum
- b)High Speed Diesel (HSD)
- c)Motor Spirit (Petrol)
- d)Natural Gas
- e)Aviation Turbine Fuel
In New GST Changes, 28% Tax Only For 50 Items Now: Daily use items like shampoo, deodorant, toothpaste, shaving-cream, aftershave lotion, shoe polish, chocolate, chewing gums and nutritious drinks would become cheaper. Lowering tax rates on food served in air-conditioned restaurants to 12 per cent, down from 18 per cent.
- Service providers with turnover up to Rs.20 lakh need not register even if making interstate supplies.
- More time for filling returns for those under composition scheme.
- Refunds to be released every month
- E-wallet facility by APR
- No Tax on duty free scrips
- Merchant exporters need to pay 0.1% tax on domestic goods procurement.
- E-way bill to be rolled out from 1 April, 2018
- A committee to review the levy on restaurants.
What are the types of GST in India?
- CGST, Central Goods and Service Tax,
- SGST, State Goods and Service Tax.
- IGST, Integrated Goods and Service Tax
Which country started GST first?
- France was the first country to implement the GST in 1954.
GST Rates on various Items on July 1st 2018 – List of all items given below
|Rates Percentage||Items List|
|0 % Percent rates Items|
|5 % Rates|
|12 % Rate|
Key Features of GST and Benefits of GST
The following are the key features of the proposed GST model:-
Dual Goods and Service Tax : CGST and SGST
Inter-State Transactions and the IGST Mechanism:
- The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one State to another. The inter-State seller would pay IGST on the sale of his goods to the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that order). The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own State. The Centre will transfer to the importing State the credit of IGST used in payment of SGST.
Destination-Based Consumption Tax:
- GST will be a destination-based tax. This implies that all SGST collected will ordinarily accrue to the State where the consumer of the goods or services sold resides.
Computation of GST on the basis of invoice credit method:
- The liability under the GST will be invoice credit method i.e. cenvat credit will be allowed on the basis of invoice issued by the suppliers.
Payment of GST:
- The CGST and SGST are to be paid to the accounts of the central and states respectively.
Goods and Services Tax Network (GSTN):
- A not-for-profit, Non-Government Company called Goods and Services Tax Network (GSTN), jointly set up by the Central and State Governments will provide shared IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders.
INPUT TAX CREDIT (ITC) SET OFF :
- ITC for CGST & SGST will be taken for taxes allowed against central and state respectively.
GST on Imports : Centre will levy IGST on inter-State supply of goods and services.Import of goods will be subject to basic customs duty and IGST.
Maintenance of Records :
- A taxpayer or exporter would have to maintain separate details in books of account for availment, utilization or refund of Input Tax Credit of CGST, SGST and IGST.
Administration of GST :
- Administration of GST will be the responsibility of the GST Council , which will be the apex policy making body of the GST. Members of GST Council comprised of the Central and State ministers in charge of the finance portfolio.
Goods and Service Tax Council:
- The GST Council will be a joint forum of the Centre and the States.
- The Council will make recommendations to the Union and the States on important issues like tax rates, exemption list, threshold limits, etc.
- One-half of the total number of Members of the Council will constitute the quorum of GST council.
Here We are Sharing Information About GST Slabs .GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download
The four GST slabs have been set at 5%, 12%, 18% and 28% for different items or services. The brackets are steeper than the rates of 6, 12, 18 and 26% earlier proposed by the government.
To keep inflation in check, essential items including food, which at present constitute roughly half of the consumer inflation basket, will be taxed at a zero rate. The lowest rate of 5 per cent would apply to common use items.
The peak rate of 28% will apply to luxury goods. Luxury cars, tobacco products and aerated drinks will attract an additional cess on top of the highest tax rate.GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download
The additional cess and a clean energy cess will create a revenue pool which will be used to compensate states for any loss of revenue during the first five years of the implementation of GST,
Service Tax will go up from 15% to 18 %, said Revenue Secretary Hasmukh Adhia.
GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download -gst slabs pdf
|28 % Plus Cess|
A decision has also been taken to levy a cess in order to raise funds to compensate states for the revenue losses they will incur. The government estimates Rs 50,000 crore will be needed in the first year for compensation. “If we have to raise this by way of tax, we will need Rs 1,72,000 crore,” Finance Minister Arun Jaitley said.
GST Rates In Different Countries- Worldwide GST Rates
GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download – Here is The List Of all countries And Their GS Rates .
|Country||Year of Implementation||Current Rate|
|India||Proposed (2016-17)||18 % ( Standard)|
GST Rate Based On RNR -Four rates -GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download
- Merit Rate – Essential goods And Services
- Standard Rate – Goods And Services In General
- Special Rate – Precious Metals
- Nil Rate – Exempted goods And Services
From Which Date GST Bill be implemented in India
- Development of GST Frontend and Backend for 17 States by GSTN: End December 2016
- CBEC’s Backend systems: End November 2016
- Backend systems of 14 States: End November 2016
- Backend systems of Pr. CCA, Banks, RBI & State accounting authorities: End November 2016
- Testing and integration of GST Front end and backend of all stakeholders : Jan – March 2017
Both State and Union government are Committed to Implement from 1st April 2017 .
List Of Taxes included in GST – Included And Not Included
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Indirect Taxes That Will Be Included Under GST
State taxes which will be subsumed in SGST
- VAT/Sales tax
- Entertainment tax (unless it is levied by local bodies)
- Luxury tax
- Taxes on lottery, betting and gambling
- State cess and surcharges to the extent related to supply of goods and services.
- Entry tax not on in lieu of octroi
Central taxes which will be subsumed in CGST:
- Central excise duty
- Additional excise duty
- The excise duty levied under The Medical and Toiletries Preparation Act
- Service tax
- Additional customs duty, commonly known as countervailing duty (CVD)
- Special additional duty of customs (SAD)
- Education cess
Taxes That May or May Not Be Subsumed Due To No Consensus Between The Central And The State Governments and various other reasons
- Stamp duty
- Vehicle tax
- Electricity duty
- Other entry taxes and octroi
- Entertainment tax (levied by local bodies)
- Basic customs duty and safeguard duties on import of goods into India
GST Latest news And UPdates -Goods and Services Tax (GST) News, Latest Breaking News -GST Slabs Pdf Download
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Loks abha Passes GST Bill for Rolling out from July 1 ,2017
India moved yet another step closer for rolling out the country’s biggest tax reform after the Lok Sabha on Wednesday approved four crucial bills required to implement Goods and Services Tax (GST).
The four bills – Central GST, Integrated GST, Union Territories GST and GST Compensation bills – were passed one by one through voice vote after almost nine hours of intense debate.
- Central GST
- Integrated GST
- Union Territories GST
- GST Compensation bills
Union finance minister Arun Jaitley explained to the lawmakers the implication of the GST bills.
- The CGST and IGST bills will enable the Centre to levy and collect taxes across the country.
- The Goods and Services Tax (Compensation to States) provides for compensation to the states for the loss of revenue arising on account of implementation of the GST.
- The Union Territory Goods and Services Tax Bill, 2017, will enable levy and collection of tax on intra-state supply of goods and services or both by the union territories.
GST Rate 2017 july – latest update of all rates by Government of India on 18 May 2017 .
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