GST Exam > GST Notes > Learn About GST : Updates and Rules > Goods and Service Tax - Rate Revised
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%
The document Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules is a part of the GST Course Learn About GST : Updates and Rules.
All you need of GST at this link: GST
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).
Related Exams
About this Document
|
4.63/5 Rating |
|
Dec 20, 2024 Last updated |
Document Description: Goods and Service Tax - Rate Revised for GST 2024 is part of Learn About GST : Updates and Rules preparation.
The notes and questions for Goods and Service Tax - Rate Revised have been prepared according to the GST exam syllabus. Information about Goods and Service Tax - Rate Revised covers topics
like and Goods and Service Tax - Rate Revised Example, for GST 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Goods and Service Tax - Rate Revised.
Introduction of Goods and Service Tax - Rate Revised in English is available as part of our Learn About GST : Updates and Rules
for GST & Goods and Service Tax - Rate Revised in Hindi for Learn About GST : Updates and Rules course.
Download more important topics related with notes, lectures and mock test series for GST
Exam by signing up for free. GST: Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules
Description
Full syllabus notes, lecture & questions for Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules - GST | Plus excerises question with solution to help you revise complete syllabus for Learn About GST : Updates and Rules | Best notes, free PDF download
Information about Goods and Service Tax - Rate Revised
In this doc you can find the meaning of Goods and Service Tax - Rate Revised defined & explained in the simplest way possible. Besides explaining types of
Goods and Service Tax - Rate Revised theory, EduRev gives you an ample number of questions to practice Goods and Service Tax - Rate Revised tests, examples and also practice GST
tests
|
Explore Courses for GST exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
past year papers
,Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules
,Extra Questions
,Sample Paper
,MCQs
,shortcuts and tricks
,video lectures
,Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules
,Free
,Objective type Questions
,Important questions
,study material
,Previous Year Questions with Solutions
,Exam
,Summary
,practice quizzes
,Viva Questions
,mock tests for examination
,Semester Notes
,ppt
,Goods and Service Tax - Rate Revised | Learn About GST : Updates and Rules
;
Additional Information about Goods and Service Tax - Rate Revised for GST Preparation
Goods and Service Tax - Rate Revised Free PDF Download
The Goods and Service Tax - Rate Revised is an invaluable resource that delves deep into the core of the GST exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Goods and Service Tax - Rate Revised now and kickstart your journey towards success in the GST exam.
Importance of Goods and Service Tax - Rate Revised
The importance of Goods and Service Tax - Rate Revised cannot be overstated, especially for GST aspirants.
This document holds the key to success in the GST exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Goods and Service Tax - Rate Revised Notes
Goods and Service Tax - Rate Revised Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Goods and Service Tax - Rate Revised.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Goods and Service Tax - Rate Revised Notes on EduRev are your ultimate resource for success.
Goods and Service Tax - Rate Revised GST Questions
The "Goods and Service Tax - Rate Revised GST Questions" guide is a valuable resource for all aspiring students preparing for the
GST exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Goods and Service Tax - Rate Revised on the App
Students of GST can study Goods and Service Tax - Rate Revised alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Goods and Service Tax - Rate Revised,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Goods and Service Tax - Rate Revised is prepared as per the latest GST syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup