Question: What Is GST Category?

What is GST full detail?

GST is known as the Goods and Services Tax.

It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc.

Under the GST regime, the tax is levied at every point of sale.

In the case of intra-state sales, Central GST and State GST are charged..

What is current GST rate?

Revision of GST Rates announced in the 37th GST Council MeetingGoods or commoditiesNew rateOld rateDiamond Job work1.50%5%Other Job work12%18%Hotels with Room Tariff of Rs.7501 and above18%28%Hotels with Room Tariff from Rs 1,001 to Rs 7,50012%18%14 more rows

Who can apply for GST refund?

One of the major categories under which, claim for GST refund arises is export. Exports (whether of goods or services), as well as supplies to SEZs, have been categorised under GST as Zero-Rated Supplies. Because the supply applies at zero per cent, the supplier can claim a refund of input tax credit paid.

What percentage of GST is gold?

3% GSTA total of 3% GST is levied on gold value. If the gold is converted into ornaments, 5% GST is also charged on the making charges of the gold ornaments.

How much is dry fruit GST?

The GST rates on Dry Fruits and Fruits are from 0 to 12%. (SGST 2.5% + CSGT 2.5%), 12% (SGST 6% + CGST + 6%), 18% (SGST 9% + CGST 9%).

Who is founder of GST?

Who introduced GST in India? Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.

What is the GST rate on mobile?

12%The GST rate on mobiles is currently 12% irrespective of whether the device is a smartphone or a feature phone. The GST rate on electronic mobile accessories is 18% however other accessories may feature different GST rates.

What are the GST categories?

There are four different types of GST as listed below:The Central Goods and Services Tax (CGST)The State Goods and Services Tax (SGST)The Union Territory Goods and Services Tax (UTGST)The Integrated Goods and Services Tax (IGST)

What are the 3 types of GST?

Know about the types of GST in IndiaHighlights.CGST, SGST and IGST are the 3 types of GST in India.CGST and SGST are levied on intra-state transactions.CGST is collected by the centre and SGST by the state.IGST is charged on inter-state goods/services transactions.

What is GST with example?

explained with an example. GST is a single tax on the supply of goods and services. … GST will eventually replace all indirect taxes levied on goods and services by the central and state governments, and is expected to liberate India of its complex indirect taxation structure.

How many types of GST are taxed?

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.

What is current GST rate in India?

The GST rate in India for various goods and services is divided under 4 slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST. However, there are some products that do not carry any GST rate.

How is GST calculated?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.

What is HSN code in GST India?

HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide.