What is gst full form?
Gst full form is goods and services tax and it is the biggest reform in indirect taxes since 1947, the slogan is ‘one tax, one nation’. The main idea behind implementing the gst bill is to transform india into a uniform tax system which eradicated the tax barrier between the states. Till now, in india we have dual structure of tax i.e. Central tax and state tax but after implementation of gst we have a single tax bracket in the country.
what is gst rates in india item wise and service industry?
as you know gst is applicable in india after 1 july, 2017. so, it becomes so important for accountant and company to know about latest gst rates in india for services industry or other goods. so that, they can do accounting work as per new taxation procedure. gst cousin had held meeting on 18 may, 2017 for finalizing the new tax gst rates. in this meeting, they have finalized the following gst rates in india. please find below gst tax rate list in india.
GST tax rates on goods:
|FMCG goods like hair oil, soaps,Shampoos, toothpaste and chemical and industrial use intermediaries||18%|
|Ayurvedic, homeopathy medicines||12%|
|Chocolates, chewing gum||28%|
|Cigarettes||28% + 5% cess|
|common used consumption food items such as spices, tea, coffee, mustard oil, sugar, vegetable, coal and Indian sweets||NIL|
|Cotton and natural fibre||5%|
|milk, rice, wheat,cereals, fruits, vegetable, gur or jaggery , food grains,||NIL|
|Footwear < Rs. 500||18%|
|Footwear = Rs. 500||5%|
|Fruit juices, butter, cheese, meets||12%|
|Gold, diamonds, Silver||3%|
|bikes, private jets, Luxury yachts||31%|
|electrinic toys, LPG stoves and military weapon||18%|
|tobacco, pan masala||28% + cess|
|Luxury cars||28% + 15% cess|
|fibre and yarn||18%|
|pickles, tomato sauce,fruid preserve, sauce etc.||12%|
|Pastries, pasta, soupescakes, ice cream||18%|
|Pharma -first aid drug||5%|
|Silk or jute fibre||NIL|
|Small cars ( diesel driven)||28% + 5% cess|
|Small cars (petrol driven)||28% + 1% cess|
|TV,soft drinks, washing machine, refrigerator, microwave ovens; soft drinks and ac etc.||28%|
GST tax rates for service industries:
|5 star hotels||28%|
|AC restaurants with liquor license||18%|
|Airlines (Business class)||18%|
|Cab service – Ola, Uber||5%|
|Hotel room tariff — Rs. 2,500 – 5,000||18%|
|Hotels with tariff– Rs. 1,000 – 2,500||12%|
|Movie tickets < Rs. 100||28%|
|Movie tickets > Rs. 100||18%|
|Non AC restaurants||12%|
|all industries that deels in gems, textiles and jeweller||5%|
|Real estate – Work contracts||12%|
|Restaurants whose annual turnover is less than Rs. 50 lakhs||5%|
|Sleeper, passes, metro tickets||NIL|
|Telecom industries and financial service||18%|
Find out how Only end consumer is the looser after implementation of gst bill?
Our bjp government giving argument that gst bill is the way through which we can stop corruption, generate revenue for the government which in turn increase the inflation in india which ultimately loose the packets of end user. Secondly, after implementation of gst bill everyone comes into the bracket who are not into the tax bracket like panwallah, chaiwallah etc.
Third, states are the main looser of revenue as they are giving their rights to the centre by surrendering 17 to 18 taxes for gst. Suppose if the state is earning 20 percent revenue from local services, then states has to share 10 per cent of revenue with central government. This is the one reason why jayalalitha’s aiadmk walked out of the rajya sabha.
Currently, matter is still unclear about the state tax and central tax, what is the percentage of one tax that will implement across one nation. One thing is clear that any person who is providing any type of services or supplying goods is liable to charge gst. It is a consumption based tax which levies on goods and services at the place where final consumption took place.
The current taxes like excise duty, services tax, custom duty etc will be merged under cgst. The taxes like sales tax, entertainment tax, vat and other state taxes will be levied as sgst.
It is not finally decided yet, it is believed by the market expert that taxes will be categorized as per the importance of goods on consumption priority basis.
What is benefit of gst bill?
- The entire indian tax system will be uniformed into a single tax system which may translate into lower business cost as it was expected. It will reduced the or eliminate the various inter-state tax.
- The tax structure will be simple.
- Export oriented companies are the main beneficiary of gst bill as it is not applied on goods and services which are exported out of india.
- The suppliers, manufacturers, wholesalers and retailers are able to recover gst incurred on input costs as tax credits. This reduces the cost of doing business.
- Lower tax burden could translate into lower prices on goods for consumers. But, on the contrary side it will make several thing costly like, restaurants bills, mobile bills etc.
- Number of tax departments will reduce which in turn may lead to less corruption.
- Unorganized sector in india will come under tax regime.
- Most small business comes into the tax regime which will not cover under current scenario. It will increase the revenue for the government.
What is next? updated – 17-06-2017
Gst bill passes in rajya sabha. Currently, gst council is deliberately working upon the exact gst rate, which will be ratified by the states. The final and actual gst bill will likely be taken up in winter season of the parliament.
get tax rates slab for the financial year april 2017 to march 2018. ( assessment year 2018 to 2019) – gst full form:
gst rate structure have been finalizes, fixed rate of 5%, 12%, 18% and 28% in India. it is biggest news that tax rate for get have been finalized. the final implementation date is 1 july, so that companies can implement it in their taxation system.there is one downfall in gst tax implementing, the goods in which higher tax is imposed can be ignored by the buyer, because they have to pay more tax on those kind of goods. that is why government is trying to solve this problem. it is assumption by big tax analytics that government may cut down some percent rate from high tax slab.
example: government can consider to refuse the tax amount on luxurious item from 28% to 26%.
the higher tax rate may dis-motivate those industries have which high tax is implemented.
key point of gst tax implement action in India:
– government have given deadline time to July 1 for gst implementation.
-gst rate structure will be in 4 categories. rate will be most probably 5% , 12% , 18%and 24%.
– if your company is situated in Delhi, then you can login Delhi value added (Dvat) site for apply your get number.
– all the information like new password and login I’d of gst registration will receive on dvat site.
– if you have 2 service tax number. in this case, you will received your company new get login I’d and password on your active service tax registration number. for that, you have to login in you active ST account and get the password and Id for gst.
-it is consider that all the tax filing procedure will be remain same for reducing the complexity of new tax implementation.
-get is a indirect tax that is application India after 1 july 2017.
– mostly country gave around 3 months to 1 year to its citizens for prepare for gst.
– is is proper to levy 4% get on gold product s.
– a higher tax rate of 40% may be implemented in state like Kerala.
– gst is one of the big changes in India tax structure after 1947.
Other gst full form:
|gst full form||Gnome System Tools|
|gst full form||Glutathione S-Transferase|
|gst full form||Grand Sports Tourer|
|gst full form||Global Strike Team|
|gst full form||General Set Theory|
|gst full form||Greenwich Sidereal Time|
|gst full form||Generation-Skipping Transfer|
|gst full form||GPS Science and Technology|
|gst full form||Grenades, Snarks, & Teleporters|
|gst full form||Galactic Standard Time|
|gst full form||Generation Skiboard Team|
|gst full form||Government Stealing Tax|
|gst full form||Ground Support Terminal|
|gst full form||Go Study Torah|
|gst full form||Give Sheila Time|
|gst full form||God Says Tithe|
|gst full form||Global Science and Technology|
|gst full form||Gustavus Airport, Gustavus, Alaska USA|
|gst full form||Gold Steel Titanium|
|gst full form||Great Supper Time|
|gst full form||Game Saving Technology|
|gst full form||Get Saddam Tax|
|gst full form in hindi||galti se tax pay karna nhi bhulna 🙂|
if you like this gst tax rate and gst full form, then please share this article with your friends on social networking website like google plus.