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 Speaker .
  • 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 Slabs Pdf Download - GST Rates Structure - GST Rates 2019

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

GST Slabs Pdf Download – GST Rates Structure – GST Rates 2019

Objectives of GST 

  • 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.

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 .

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 meatfish, poultry, cereals, dairy productseggs,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.)

GST complete details pdf -gst tax slab in hindi pdf

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.

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.

GST Slabs Pdf Download – GST Rates Structure – GST Rates 2019

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 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 .

CountryYear of ImplementationCurrent Rate
Canada19915 %
Australia200010%
Switzerland19958%
Singapore19937%
Japan19895%
IndiaProposed (2016-17)18 % ( Standard)

GST Rate Based On RNR -Four rates 

List Of Taxes included in GST – Included And Not Included

GST Slabs Pdf Download -gst pdf file 2017 download in english and hindi

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
  • Surcharges

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

gst news latest,gst news today,gst update today,gst news in hindi,gst news india,gst implementation date,latest news on gst bill,gst status today

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.

  1. Central GST
  2. Integrated GST
  3. Union Territories GST
  4. 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. To Visit official Website of GSt Click Here

GST Rates on Goods – GST Slabs Pdf Download

No Tax

Hulled cereal grains like barley, wheat, oat, rye, etc.Bones and horn-cores unworked and waste of these products.Palmyra jaggeryAll types of salt
Kajal [other than kajal pencil sticks]Picture books, colouring books or drawing books for childrenHuman hair – dressed, thinned, bleached or otherwise workedSanitary Napkins
Vegetables preserved using various techniques including brine and other preservatives that are unsuitable for immediate human consumption.Music Books/manuscriptsDicalcium Phosphate (DCP) of animal feed grade conforming to IS specification No. 5470 :2002Unit container-packed frozen branded vegetables (uncooked/steamed)

5% Tax Slab

Cashew nuts/cashew nuts in shellIce and snowBio gas
Aggarbatti and KitesAccessories/parts for carriages designed for differently-abled individualsCoir mats, matting and floor covering
Postage or revenue stamps, stamp-postmarks,Numismatic coinsBraille paper,
InsulinMarble rubblebraille watches, hearing aids a
Pawan Chakki that is Wind-based Atta ChakkiNatural corkbraille typewriters,
Fly-ash blocksWalking sticksfirst-day covers, etc.

GST on Loans and Advances

Mentioned below are the important loans and their GST rates:

(a) Personal Loan- 18%

(b) Home Loans- 18%

(c) Car Loan– 18%

GST on Cars

  • GST rate on cars has been fixed at 28% for all personal use vehicles featuring a petrol or diesel driven engine.
  • However, in addition to GST, a composition cess is also applicable to cars over and above the GST Rate.
  • Thus the overall tax rate applicable to vehicles under GST ranges from 29% to 50%

GST on Gold

  • The current GST rate on gold is 3%.
  • However, a 5% GST rate is applicable to making charges applied to gold jewelry in case the manufacturing is outsourced to a job worker.

GST On Real Estate

  • The GST rate applicable to such commercial or residential transactions is 12% till 31st March 2019.
  • From 1st April, the applicable GST Rates on residential real estate will be 5% for non-affordable housing properties and 1% for affordable housing properties.
  • No GST is applicable in case you are purchasing a ready to move in property

GST on Food

  • Food items especially fresh food mostly carry a Nil GST rate.
  • However, packaged food stuff and semi-processed/processed foods do feature GST rates starting from 5% up to 18%.

Upcoming products in GST Rates Slab

In Coming Time Government Of India Going to bring Some new Products in GST Slabs. Some Name Are Given below .

  • Petroleum products- Petrol and Diesel
  • Land
  • Electricity
  • Others

GST Rate revision in 37th GST council meeting

GST Council had its 37th meet held at Goa on Friday (20th September 2019). Read all the highlights on 37th GST Council Meeting..

The following are the rate cuts announced at the 36th GST Council meeting:

GST Rate Revision effective from 1 October 2019

ItemCurrent RateNew Rate
Plates and cups made of flowers, leaves and bark5%Nil
Caffeinated Beverages18%28%+12% cess
Supplies of Railways wagons & coaches (without refund of accumulated ITC)5%12%
Outdoor Catering (without ITC)18%5%
Diamond Job work5%1.50%
Other Job work18%12%
Hotels (Room Tariff of Rs.7501 or above)28%18%
Hotels (Room Tariff from Rs 1,001 to Rs 7,500)18%12%
Woven/ Non-woven Polyethylene Packaging bags18%12%
Marine fuel18%5%
Almond Milk18%
Slide fasteners18%12%
Wet grinders (consisting of stone as a grinder)12%5%
Dried Tamarind5%Nil
Semi-precious stones- cut & polished3%0.25%
Specified goods for petroleum operation under HELP*Applicable Rate5%

 

*Hydrocarbon Exploration Licensing Policy

ItemCurrent RateNew Rate
Cess on Petrol Motor Vehicles (Capacity of 10-13 passengers)15%1%
Cess on Diesel Motor Vehicles (Capacity of 10-13 passengers)15%3%

 

GST Exemption available for:

  • Supplies to FIFA- specified persons for the Under-17 Women’s Football World Cup in India
  • Supply to the Food and Agriculture Organisation (FAO) for specified projects in India
  • Imports of certain defence goods not made indigenously (up to 2024)
  • Supply of silver/platinum by specified agencies (Diamond India Ltd) for export
  • Import of Silver or Platinum by specified agencies (Diamond India Ltd)

GST Rates Structure for Goods and services under 5%, 12%, 18% & 28%

Tax GRatesProducts
0%MilkKajal
0%Eggs
Educations Services
0%Curd
Health Services
0%Lassi
Children’s Drawing & Colouring Books
0%Unpacked Foodgrains
Unbranded Atta
0%Unpacked Paneer
Unbranded Maida
0%GurBesan
0%Unbranded Natural HoneyPrasad
0%Fresh Vegetables
Palmyra Jaggery
0%Salt
Phool Bhari Jhadoo
5%SugarPacked Paneer
5%TeaCoal
5%Edible OilsRaisin
5%Domestic LPG
Roasted Coffee Beans
5%PDS Kerosene
Skimmed Milk Powder
5%Cashew Nuts
Footwear (< Rs.500)
5%Milk Food for Babies
Apparels (< Rs.1000)
5%Fabric
Coir Mats, Matting & Floor Covering
5%SpicesAgarbatti
5%Coal
Mishti/Mithai (Indian Sweets)
5%Life-saving drugs
Coffee (except instant)
12%ButterComputers
12%Ghee
Processed food
12%AlmondsMobiles
12%Fruit Juice
Preparations of Vegetables, Fruits, Nuts or other parts
of Plants including Pickle Murabba, Chutney, Jam, Jelly
12%Packed Coconut WaterUmbrella
18%Hair OilCapital goods
18%Toothpaste
Industrial Intermediaries
18%SoapIce-cream
18%PastaToiletries
18%Corn FlakesComputers
18%SoupsPrinters
28%Small cars (+1% or 3% cess)
High-end motorcycles (+15% cess)
28%Consumer durables such as AC and fridge
Beedis are NOT included here
28%
Luxury & sin items like BMWs, cigarettes
and aerated drinks (+15% cess)

 

GST Slabs Pdf Download – GST Rates Structure – GST Rates 2019 After  31st GST council meeting

GST Slabs Pdf Download – GST Rates Structure – GST Rates 2019

List of rate changes at 31st GST Council Meeting
SL.noList of Goods/ServicesChanges in Tax Rate
1Vegetables provisionally preserved but unsuitable for immediate consumption5% to Nil
2Vegetables cooked/uncooked via steamed, frozen or boiled (branded)5% to Nil
3Music Books12% to Nil
4Parts for manufacturing renewable energy devices falling under chapter 84, 85 or 94 of Tariff5%
5Natural cork12% to 5%
6Fly ash blocks12% to 5%
7Walking sticks12% to 5%
8Marble rubble18% to 5%
9Agglomerated cork18% to 12%
10Cork roughly squared or debugged18% to 12%
11Articles of Natural cork18% to 12%
12Movie Tickets < or = Rs 10018% to 12%
13Premium on Third party insurance on Vehicles18% to 12%
14Accessories for Handicapped Mobility Vehicles28% to 5%
15Power banks28% to 18%
16Movie Tickets > Rs 10028% to 18%
17Video game consoles, equipments used for Billiards and Snooker and other sport related items of HSN code 950428% to 18%
18Retreated & used pneumatic Rubber Tyres28% to 18%
19Colour Television Sets & monitors up to “32 Inches”28% to 18%
20Digital & Video Camera recorders28% to 18%
21Pulleys, transmission shafts, cranks and gear boxes under HSN 848328% to 18%
22Tax rate on Air travel of pilgrims reduced*28% to 18%

 

GST Slabs Pdf Download – GST Rates Structure – GST Rates 2019

Important Links For Study Material And Test Series 

Join Our Prelims Test Series 2020 

The Hindu Daily News Paper Important Articles Pdf 

Join StudyDhaba.Com Telegram Channel – t.me/studydhaba

Latest Current Affairs Magazine 2019 Pdf

UPSC Prelims ,Mains ,Optional Study Materials

UPSC Prelims Test Series 2020 Pdf 

UPSC Mains Test Series 2019-2020 

UPSC Optional Test Series 2019-2020 

SSC Study Materials 2019-2020 Pdf 

IBPS Study Material 2019-2020 Pdf

Insurance Exams Free Study Materials Pdf 2019

NEET Exam Free Study Material Pdf 

Latest RRB Study Material Pdf 

Teaching Exams Study Material Pdf 

EContact US  – ajitomghyan@gmail.com / admin@studydhaba.com
Note & Disclaimer – All Study Materials Here are shared Only For Educational Purposes .Most of The Material Is Already Available On Internet .We Are Just Sharing That Link Only  . Whole Materials Is For Education Purpose Only .We Work hard to Provide You Quality Study Materials And Error Free Study Materials For All Competitive Exams .You can Also Share Study Materials,Notes Or Any Materials With Us .We Will Publish That Material On Our Website .It is a Humble Request To All Of You Please Share This Post With Your Friends And On Social Media .