The Government of India is committed to change all the indirect taxes levied on goods and services by the Centre and States and apply GST in India by April 2017. GST represent to substitute all indirect taxes like sales and services tax to turn India into a common market. Implementation of GST will offer farewell to the different indirect taxes that are currently relevant in different states, thereby leading to a constant taxation across states.
India established a four-tier Goods and Services Tax(GST) structure which is ranging from 5%-28% to implement the biggest reform of indirect taxes. The four GST slabs are 5%, 12%, 18%, 28%. The fifth rate for gold and precious metals, which was earlier suggested at 4% will be determined later but is likely to be lower.
In this multi-tired system, tax rate and the indicative items are:
0% - 50% of the consumer price basket, including food grains
5% - Mass consumption items like spices and mustard oil
12% - processed food
18% - Soaps, oil , toothpaste, refrigerator, smartphones
28% - White goods, cars
28% plus cess - Luxury Cars, pan masala, tobacco, aerated drinks
A zero tax rate will apply to 50% of the items present in the consumer price index basket, including food grains such as rice and wheat. The items of mass consumption like spices,tea and mustard oil will be taxed at the rate of 5 %. There are two standard rates of 12% and 18% where a majority of the items used by the middle class such as toothpastes, soap and refrigerators, which currently have a high tax incidence of more than 27%, will be brought down into the lower slab of 18%.
GST Centre
GST Centre offers various certified job oriented courses. Diploma in Goods and Services Tax is one of the best courses offered by GST Centre. GST Centre collaborates with leaders in the industry, academia and the government to develop and deliver structured Accounting, ERP, Software and Tax training programs that effectively raise the professional competency, knowledge and capabilities of the learners with Globally Recognized Certification.
For more details visit our website: www.gstcentre.in
India established a four-tier Goods and Services Tax(GST) structure which is ranging from 5%-28% to implement the biggest reform of indirect taxes. The four GST slabs are 5%, 12%, 18%, 28%. The fifth rate for gold and precious metals, which was earlier suggested at 4% will be determined later but is likely to be lower.
0% - 50% of the consumer price basket, including food grains
5% - Mass consumption items like spices and mustard oil
12% - processed food
18% - Soaps, oil , toothpaste, refrigerator, smartphones
28% - White goods, cars
28% plus cess - Luxury Cars, pan masala, tobacco, aerated drinks
A zero tax rate will apply to 50% of the items present in the consumer price index basket, including food grains such as rice and wheat. The items of mass consumption like spices,tea and mustard oil will be taxed at the rate of 5 %. There are two standard rates of 12% and 18% where a majority of the items used by the middle class such as toothpastes, soap and refrigerators, which currently have a high tax incidence of more than 27%, will be brought down into the lower slab of 18%.
GST Centre
GST Centre offers various certified job oriented courses. Diploma in Goods and Services Tax is one of the best courses offered by GST Centre. GST Centre collaborates with leaders in the industry, academia and the government to develop and deliver structured Accounting, ERP, Software and Tax training programs that effectively raise the professional competency, knowledge and capabilities of the learners with Globally Recognized Certification.
For more details visit our website: www.gstcentre.in
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