GST what it is? How it affects me?- Good and Service Tax
GST what it is? How it affects me?- Good and Service Tax
If we have something common in general now a days then it will be GST what it is? How it affects me?- Good and Service Tax as you know GST will applied on from 1st July this year. So everyone want to know GST what it is? How it affects me?- Good and Service Tax.
The Smart Innovator : Innovation for people brings the concrete facts about GST so that you can easily understand GST what it is? How it affects me?- Good and Service Tax
Let’s begin GST is Good and Service Tax that applied through out the country with concept of common taxes around the country. That means if you want to purchase a item in respective rates in your city and it is available in other city with cheaper rates then now it will not possible.
Previously States charged their taxes as per their policies so in each state we can see the variation in the prices of most common products but fron now on we can see the exact same prices all over the country.
Retailers, distributors sold their stocks in sales etc in hurry that their products should not in the loss because of GST.
Now we discuss How GST affected the our most common products.
5% Tax
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Transport of goods by rail |
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Transport of passengers by rail (other than sleeper class) |
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Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use] |
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Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use] |
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Services of goods transport agency (GTA) in relation to transportation of goods [other than used household goods for personal use] |
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“Renting of motorcab |
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“Transport of passengers, by- |
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Transport of passengers by air in economy class |
| Transport of passengers, with or without accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme Airport. |
| Supply of tour operators’ services |
| Leasing of aircrafts under Schedule II [5 (f)] by a scheduled airlines for scheduled operations |
| Selling of space for advertisement in print media |
| Services by way of job work in relation to printing of newspapers. |
12% Tax
|
| Transport of goods in containers by rail by any person other than Indian Railways |
| Transport of passengers by air in other than economy class |
| Supply of Food/drinks in restaurant not having facility of air-conditioning or central heating at any time during the year and not having licence to serve liquor. |
| Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes having room tariff Rs.1000 and above but less than Rs.2500 per room per day |
| Services provided by foreman of chit fund in relation to chit |
| “Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. [The value of land is included in the amount charged from the service recipient]” |
| Temporary transfer or permitting the use or enjoyment of any Intellectual Property (IP) to attract the same rate as in respect of permanent transfer of IP. |
18% Tax
|
| Supply of Food/drinks in restaurant having licence to serve liquor |
| Supply of Food/drinks in restaurant having facility of air-conditioning or central heating at any time during the year |
| Supply of Food/drinks in outdoor catering |
| Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes where room tariff of Rs 2500/ and above but less than Rs 5000/- per room per day |
| Bundled service by way of supply of food or any other article of human consumption or any drink, in a premises (including hotel, convention center, club, pandal, shamiana or any other place, specially arranged for organizing a function) together with renting of such premises |
| Services by way of admission or access to circus, Indian classical dance including folk dance, theatrical performance, drama |
| Composite supply of Works contract as defined in clause 119 of section 2 of CGST Act |
28% Tax
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| Services by way of admission to entertainment events or access to amusement facilities including exhibition of cinematograph films, theme parks, water parks, joy rides, merry-go rounds, go-carting, casinos, race-course, ballet, any sporting event such as IPL and the like; |
| Services provided by a race club by way of totalisator or a licensed bookmaker in such club; |
| Gambling; |
| Supply of Food/drinks in air-conditioned restaurant in 5-star or above rated Hotel |
| Accommodation in hotels including 5 star and above rated hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes, where room rent is Rs 5000/- and above per night per room |
A simple way of understanding GST :
So I hope your doubts about GST what it is? How it affects me?- Good and Service Tax is is now clear you can now understand the upcoming news,updates in GST easily. Feel free to comment your questions and responses.
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8 Comments
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