Question: On Which Items GST Is Applicable?

Is GST applicable on rice?

1/2017 Central Tax(Rate) dated 28th June, 2017, states that those who are selling the rice in the unit container, bearing a registered brand name or bearing a brand name on which an actionable claim or enforceable right in a court of law is available, is liable to GST @5%..

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

What are GST exempted categories?

GST Exempted Goods: List of Goods Exempt Under GSTLive Animals.Meat.Fish, Meat and Fillets.Eggs, Honey and Milk Products.Non – Edible Animal Products.Live Trees and Plants.Vegetables.Fruits and Dry Fruits.More items…•

Is GST charged on EMI?

Banks always charge interest on EMI transactions. … GST for an EMI will always be charged to you from your bank, for giving you service/feature as EMI.

Is GST required below 20 lakhs?

Traders with turnover below Rs 20 lakh will have to register for GST: Adhia. The traders supplying goods to other states will need to register under the Goods and Services Tax (GST) even if their turnover is below Rs 20 lakh, Revenue Secretary Hasmukh Adhia said on Thursday.

What is negative list in GST?

Negative list concept was introduced from 1.7. 2012. Negative list means the list of services which are exempt from service tax. As per Section 66B of Finance Act, 1994, service tax shall be levied on all services, except the services specified in the negative list.

On which product GST is applicable?

The government has categorised items in five major slabs – 0%, 5%, 12%, 18% and 28%. No tax will be imposed on items like jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi.

On which items GST is not applicable?

Items not Covered under GST1.Services by an employee to the employer in relation to his employment.Court/Tribunal Services including District Court, High Court and Supreme Court.Services of a funeral, burial, crematorium or mortuary including transportation of the deceased.Sale of land and sale of building.More items…•

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.

Is handicraft exempted from GST?

On Thursday, the Goods and Services Tax (GST) Council decided to bring 29 handicraft products under the 0% tax rate.

Is GST recoverable?

GST is required on the purchase of taxable supplies. … The level of Expense Authority required to approve a purchase is based on cost including PST, but excludes GST. PST is a non-recoverable tax. GST is a recoverable tax.