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Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules PDF Download
Sh. Arun Jaitley, Hon’ble FM, chaired the GST council meeting held on 11-06-2017. The important decisions were taken, which are summarized below :
- Composition scheme; For traders, manufacturers: Limit increased to 75 lakhs, from 50 lakhs
- Tax on Colouring books: Revised from 12% to NIL
- Tax on Agarbatti : Revised from 12% to 5 %
- Tax on Cashew nuts : Revised from 12% to 5 %
- Tax on Packaged food items: Revised from 18% to 12 %
- Tax on School bag: Revised from 28% to 18%
- Tax on Movie tickets above Rs.100: No change, will remain 28%
- Tax on Movie tickets below Rs.100: Revised from 28% to 18%
- Tax on Insulin : 5 %
- Tax on Computer printers; Revised from 28% to 18%
- Tax on Exercise Books: Revised from 18% to 12%
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FAQs on Goods and Service Tax - Rate Revised - Learn About GST : Updates and Rules
| 1. What is Goods and Service Tax (GST)? |  |
Ans. Goods and Service Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It is implemented to replace multiple taxes levied by the central and state governments, making the taxation system more streamlined and efficient.
| 2. What is the revised rate of GST? | |
Ans. The revised rate of GST varies depending on the category of goods and services. It can range from 0% (exempted goods and services) to 28% (luxury goods and services). The government periodically reviews and revises the GST rates to ensure the smooth functioning of the tax system.
| 3. How does GST benefit the economy? | |
Ans. GST brings multiple benefits to the economy, such as eliminating the cascading effect of taxes, reducing the tax burden on consumers, promoting ease of doing business, and enhancing tax compliance. It also helps in creating a common national market by removing inter-state barriers, leading to the free flow of goods and services across the country.
| 4. How does GST affect small businesses? | |
Ans. GST has both positive and negative impacts on small businesses. While it simplifies the tax compliance process by replacing multiple taxes with a single tax, it may also increase compliance costs for small businesses initially. However, it provides them with opportunities to expand their market reach by eliminating inter-state barriers and allowing input tax credit.
| 5. How can I register for GST? | |
Ans. To register for GST, you need to visit the official GST portal and complete the registration process online. You will need to provide necessary documents such as PAN card, Aadhaar card, bank account details, and business registration documents. After successful registration, you will receive a unique Goods and Service Tax Identification Number (GSTIN).
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