The rate of GST varies from 5% to 28% depending upon the category of goods and services being supplied or procured, the general rate of tax being 18% for the majority of supplies.
In case of intra-state supply of goods and services, CGST+SGST/UTGST would become applicable, and in case of inter-state supply of goods and services, Integrated GST (IGST) would become applicable. State GST (SGST)/Union Territory GST (UTGST), levied by the State Governments/Union Territories.Central GST (CGST), levied by the Central Government.GST is a comprehensive ‘consumption tax’ levied on the supply of all goods and services. The GST Council provides recommendations to the government on various aspects of GST law, such as rate revisions and amendments in GST rules, etc. The Council consists of the State Finance Ministers representing their states. However, there are a few products that continue to be outside the ambit of GST, such as petrol, diesel, aviation turbine fuel (ATF), natural gas, alcohol for human consumption, and crude oil.įor smooth GST implementation, the government has formed a GST Council. Multiple indirect taxes (except customs duty) have been subsumed within GST, and there is one single tax applicable on supply of goods and services. GST is an indirect tax, which is a transaction-based taxation regime, that has been in effect in India since 1 July 2017.
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