GST Rates and HSN codes were revised in 31st GST Council Meeting which was held on 22 December 2018. As per the recommendation of GST Council, GST Rates of 23 Goods and 3 Services have been revised. Table Content Revised GST Rates Others Goods Recommended for Exemption Services Recommended for Exemption Revised GST Rates … Read more2019 Revised GST Rates
The GST regime has brought a significant drop in its tax rates on various items since its implementation. The list of items with reduced tax rates has only been increasing over time. As if to add a cherry on top, Prime Minister Narendra Modi recently hinted that there will be a drop in the tax … Read moreUpcoming Reduction in Tax Rates under GST
The Goods and Services Tax, 2017 became effective in India from 1st July 2017. The biggest tax reform had apart from other mind boggling questions, raised a yet another and confusing question especially to the retailers that “what would be the impact of GST on MRP in India”. They apprehend that whether the GST will … Read moreImpact of GST on MRP in India
One nation – one tax, the revolutionary and mammoth game changer was always expected to have its share of fluctuations, tantrums and teething issues. Since its inception from the midnight of 30th June’17, it has undergone various amendments in terms of taxation rates, processes and policies by the supreme decision making body of GST – … Read moreA refresh is round the corner for GST Rates
Amidst the wavering dust storm around GST implementation, its online intricacies, the ignorantly attracted penalties and late fees and the amplified GST rates, the government has its agenda ready and is all set to re-discuss many burning issues, in its next GST Council meeting in Guwahati on 9th November 2017. GST rates on restaurants [both … Read moreDining likely to get economical – GST Rates on Restaurants expected to be slashed by November, 2017
At the onset, some of the fattest and most cash-bloated sectors were kept out of the GST ambit – electricity, alcohol, petroleum, real estate etc. However, the finance minister, Mr. Arun Jaitley, recently, while speaking at the Harvard University in US, hinted that the government is earnestly re-thinking to get the most cash rich and … Read moreGST Clouds Roving Over Real Estate
All goods and services [over 1700], transacted in India will fall under two coding systems – HSN code system and SAC code system. All the goods will fall under HSN category and the services under SAC. These items will attract any one of the total 7 tax slabs [ 0%, .25%, 3%, 5%, 12%, 18%, 28% ]. This article aims to give you a comprehensive, yet an easy understanding about each of the above GST tax slabs.
Aryan, gasping and panting, stumbled inside the office of his friend, Kushal.
“Hey, Aryan! What a surprise – ” Kushal – a CA by profession –began to greet, but stopped short at the harried and hassled look on his friend’s face. “Is everything fine, Aaryan?”
“Nothing’s fine!” Aaryan sounded agitated as he plonked himself down on the chair, “The word ‘fine’ doesn’t fit aptly for us businessmen! But yes, if we talk about punishable “Fines”, they are made for us!” he finished with sarcasm.