Home GST – GST Update, GST Rates

GST – GST Update, GST Rates


Uniform GST rate on polypropylene bags and sacks GST will be levied at the same rate of 12 percent on bags and sacks of polypropylene used in the packing of goods. It is recommended to reduce the cess rate to 12 percent on 1,200 cc petrol vehicles with up to 13 seats and diesel vehicles with 1,500 cc engines.
GST rate has been reduced from 18% to 12% on slide fasteners, marine fuel 18% to 5%, 12% to 5% on the wet grinder, containing stone in the form of a mill, and 5% on dried tamarind.

Exemption from GST / IGST is being given on the import of defense goods which are not manufactured indigenously, it is being extended only till 2024.

GST updates/ New update on GSTOn Cold drinks GST rate 18%

More than 7500 on rent GST rate will be 18%
GST discount on Bayer Housing Service

From 1000 to 7500 in a hotel room, the GST rate will be 12%

On machine supply work GST has been reduced from 18% to 12 %

GST updates on Small Businesses

GST updates on Small Businesses

GST Returns discount to Small Businesses

They will not have to give a GST return for the financial year 2017-2018, this will be applicable to those earning 2 crores.

Date of implementation of simple GST return extended

Simple GST returns will be effective from March 2020.

Businessmen will get timely returns, its integrated refund system will be implemented from 24th September 2019.

Features of GST

If the turnover of your business is more than 40 lakh rupees annually then it is mandatory to get registered in GST. Earlier this exemption was only for the turnover people up to Rs 20 lakh. This limit is for the common states of the plain region. The limit of exemption from GST registration for businessmen of North-East and Hill States will be Rs. 20 lakhs per annum on turnover. Earlier it was at a turnover of Rs 10 lakh.

If your annual turn over is up to Rs 1.5 crore then you can adopt the Composition Scheme.

E-bill required for sending goods worth more than fifty thousand by motor vehicle

The Composition Scheme is only for traders who manufacture and trade goods. Not for those doing services. However, restaurant traders are allowed to take the composition scheme, provided alcohol is not served there.

Decisions related to the composition scheme (the Turnover limit for registration and exemption from quarterly returns) will be considered applicable from 1 April 2019. In the new rules, those adopting the Composition Scheme have been relieved from filing returns every quarter (Quarterly). Now such businessmen have to file Annual Returns only once in a year. However, the tax has to be deposited only every quarter.

In any transaction, both (CGST and SGST) are charged. For example, if 2 percent GST has been paid in a transaction, then here 1% will be in the form of CGST and 1% will be in the form of SGST, Central GST for the Center i.e. CGST and State GST for the State i.e. SGST. The state gets the share of GST in any transaction, only the state in which it is consumed. Not the state from where the goods were purchased. Now since the CGST and SGST rates are equal under the GST in India, the Central Government and the buyer’s state get an equal share in the IGST.

Under GST, different types of goods and services are taxed at different rates.

No GST has to be paid on grains, salt, fresh fruits, and vegetables, etc.

Sweets, Packaged Food Items, Tea, Coffee, Coal etc. GST is levied at the rate of 5 percent on items of common need.

Processed food items computers, juices etc. Items with slightly fewer essentials are categorized as 12 percent tax.

Expensive footwear, industrial items, mineral water, etc. Luxury items have been fixed at an 18 percent tax.

Adjustment of tax liability with input credit system

(IGST) GST, CGST, and SGST can use any kind of input credit.

(CGST) GST and CGST can use any kind of input credit.

Under GST, tax is normally collected by the seller of goods. Later he submits this tax to the government. But in some special cases, the person who takes the goods or services has to submit the direct tax (GST) to the government. This is called the Reverse GST System.

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