Goods and Services tax

What is GST and their slab rates?

   GST indicates Goods and Service Tax. Goods and Services Tax is an indirect tax. It is also called consumption tax applicable in India.
Goods and Service Tax has 5 slab rates of percentages are 0%, 5%, 12%, 18% and 28%.
Goods and Service Tax starts from 1st July 2017. Goods and Services Taxes levied by the central and state government.

Slab Rates:
 0% - No tax for fresh meat, fish, unpacked milk , rice, egg, fresh fruits and fresh vegetables, all                     natural food products which is unpacked
5% -  All packed food items e.g. sugar, tea coffee, rice etc
12% - Rich foods e.g. cashew, almond, butter, ghee, mobiles
18% - Hair oil, soap, toothpaste, jam, ice creams, facial tissue
28%- luxurious things car, cement, perfume, alcohol, beauty items

when GST started and why it started?

 GST started on 1st July 2017, it was passed in Lok sabha and Raj sabha.
 GST started because, in India the taxes levied at a central and state have large number of taxes. GST  made the large number of  taxes into single tax.

What are the types of GST?

  In India we are using 3 types of GST, they are
 1) CGST
 2) SGST
 3) IGST

What is CGST?

    CGST indicates Central Goods and Service Tax. Central Goods and Service tax is collected by the central government. In intra state transaction both CGST and SGST will applicable .

What is SGST?

   SGST indicates State Goods and Service Tax. State Goods and Service Tax is collected by the state government. In intra state transaction both CGST and SGST will applicable.

What is IGST?
 
   IGST indicates Integrated Goods and Service Tax. Integrated Goods and Service Tax is collected by the central government.