GST - INTRODUCTION

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GST - INTRODUCTION

GST stands for "Goods and Service Tax" its replaced all the indirect taxes and finished the Cascading Tax System.
Cascading tax means a tax on tax and it operates by a GSP (GST Service Provider) application like Tally ERP-9 (Version 6.0)

GST FEATURES
1. Replace almost all the indirect taxes.

2. Simple and secure.

3. Operated by GSP (GST Suvidha Provider) applications like Tally ERP9.

4. Ended the Cascading Tax System (Tax on tax).



GST TAX SUBTYPES
CGST (Central GST): This tax collected by central government and use for "Service Tax"'

SGST (State GST): This tax collected by a state government and use for "VAT" and Entertainment tax.

IGST (Integrated GST): This tax use for "CST" (CST: Central Sales Tax)

GST RATE STRUCTURE
Tax Rate
Name of Items
0
Essential items including foods
5
Commonly used items/products
12
Large amount of goods and services.
It includes the fast moving consumer goods.
18
28
Luxury Cars, Tobacco, and Aerated drinks (Soft drinks)

GST RATES LIST

GST TAX RATES
ITEMS / PRODUCTS
0%
Milk

Eggs

Curd

Health Services

Unpacked Food grains Like Unbranded Atta & Maida

Unpacked Paneer

Educations Services

Unbranded Natural Honey

Fresh Vegetables

Salt
5%
Sugar

Tea

Edible Oils

Packed Paneer

Coal

Cashew nuts

Milk Food for Babies

Footwear (< Rs.500)

Mats

Clothes (< Rs.1000)

Domestic LPG

Coal

Life-saving drugs
12%
Butter

Ghee

Almonds

Fruit Juice

Processed food

Packed Coconut Water

Umbrella

Mobiles

Computers
18%
Hair Oil

Toothpaste

Ice-cream

Soap

Pasta

Corn Flakes

Soups
28%
Small cars (+1% or 3% cess)

High-end motorcycles (+15% cess)

ACs & Refrigerator

BMW Cars (+15% cess)

Aerated drinks (+15% cess)

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