What is GST?
The full form of GST is Goods and Service Tax. GST is only one type of Tax. This Tax is replace in all other type of tax. GST is actually an indirect tax which is applied when customer buy a good or a service. This tax is an individual tax for the whole country.
Benefits of GST –
GST will remove diffrent layer of taxation which are purchase tax, VAT, entertainment tax etc.
GST available only 5 type of tax rate –
0%, 5%, 12%, 18%, 28%.
There are two types of taxes and we will know about them below.
- Direct Tax: Direct Tax is a tax paid by an individual or a company directly to the government. Direct Tax is applicable for several individual/corporate earnings like salary, investments, etc.
- Indirect Tax: Indirect Tax is paid by an individual indirectly to the government. If an individual consumes a service they are obliged to pay tax to the authorities. For instance, when an individual eats in restaurants they are obliged to provide service tax to the authorities. The service tax is eventually gained by the government through the service providers.
GST Tax rates on these goods will be
|fresh meat||fish fillet||Frozen meat products||flavoured refined sugar||Chewing gum|
|chicken||skimmed milk powder||cheese||cornflakes||chocolate|
|milk||frozen vegetables||dry fruits||cakes||wafers|
|butter milk||coffee||animal fat||preserved vegetables||pan masala|
|natural honey||spices||fruit juices||sauces||paint|
|fresh fruits||pizza bread||Bhutia||soups||deodorants|
|vegetables||rusk||namkeen||ice cream||shaving cream|
|flour||sabudana||Ayurvedic medicines||instant food mixes||after shave|
|besan||kerosene||tooth powder||mineral water||hair shampoo|
|bindi||lifeboats||umbrella||note books||ceramic tiles|
|Sindoor||sewing machine||steel products||water heater|
|judicial papers||camera||weighing machine|
|printed books||speakers||washing machine|