Goods and Services Tax came into effect on 1st July 2017 in an attempt to ease the taxation national taxation structure. GST submerges all other applicable taxes such as customs duty, excise duty, value-added tax, etc. into a single fee. The GST rates in India are different for multiple categories, such as gold is levied with 3% of GST. Some products like alcoholic drinks, petroleum and petroleum-based products are charged differently and do not fall under GST. Let us understand the GST slabs. Gold is taxed at a rate of 3%. The tax on making charges has been reduced from 8% to 5% and is how GST affects gold jewellery. Apart from gold, GST rates are divided into four categories, such as 28%, 18%, 12% and 5% depending on different services and products. GST slab for services
it is mandatory for every business to attain register for their unique GST identification number and GST registration certificate to continue and expand operations. This GST registration is a crucial document that you have to furnish while you avail credits such as business loans. The GST registration procedure is convenient, and you can do so online.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |