- On which goods GST is applicable?
- What is meant by zero rated supply under GST?
- What is negative list in GST?
- Which goods are not under GST?
- Is electricity a non GST supply?
- What is the difference between nil rated exempted zero rated and non GST supplies?
- Is handicraft exempted from GST?
- Is GST required below 20 lakhs?
- Is GST charged on EMI?
- Are books exempt from GST?
- What are the non GST items?
- What is non GST outward supplies?
On which goods GST is applicable?
GST Tax Slab Rates List for Goods5% GST12% GST18% GSTEdible OilsBamboo wood buildingMixed SeasoningsSkimmed milkChutneyCCTVMedicinesApparel above Rs.
1,000Hair DryersPaper wasteJamElectric transformer67 more rows.
What is meant by zero rated supply under GST?
By zero rating it is meant that the entire value chain of the supply is exempt from tax. This means that in case of zero rating, not only is the output exempt from payment of tax, there is no bar on taking/availing credit of taxes paid on the input side for making/providing the output supply.
What is negative list in GST?
Negative list concept was introduced from 1.7. 2012. Negative list means the list of services which are exempt from service tax. As per Section 66B of Finance Act, 1994, service tax shall be levied on all services, except the services specified in the negative list.
Which goods are not under GST?
GST Exempted Goods: List of Goods Exempt Under GSTLive Animals.Meat.Fish, Meat and Fillets.Eggs, Honey and Milk Products.Non – Edible Animal Products.Live Trees and Plants.Vegetables.Fruits and Dry Fruits.More items…•
Is electricity a non GST supply?
Non-GST Supply Examples: Electricity, Diesel, Petrol and Alcohol for human consumption are some examples of Non GST supplies.
What is the difference between nil rated exempted zero rated and non GST supplies?
The basic difference between nil rated and exempt supply is that the tariff is higher than 0% in case of exempt supply. But there is no tax payable due to exemption notification. Whereas in case of NIL rated supply, the tariff is at NIL rate so there is no tax without the exemption notification.
Is handicraft exempted from GST?
On Thursday, the Goods and Services Tax (GST) Council decided to bring 29 handicraft products under the 0% tax rate.
Is GST required below 20 lakhs?
Traders with turnover below Rs 20 lakh will have to register for GST: Adhia. The traders supplying goods to other states will need to register under the Goods and Services Tax (GST) even if their turnover is below Rs 20 lakh, Revenue Secretary Hasmukh Adhia said on Thursday.
Is GST charged on EMI?
Banks always charge interest on EMI transactions. … GST for an EMI will always be charged to you from your bank, for giving you service/feature as EMI.
Are books exempt from GST?
Printed books is exempted from paying GST. As per GST Law, there is no GST payable on Printed books. So the rate of GST payable on Printed books is nil rate. … Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.
What are the non GST items?
Non-GSTSupplyGST ApplicableExamplesNil Rated0%Grains, Salt, Jaggery, etc.Exempted-Bread, Fresh fruits, Fresh milk, Curd, etc.Zero Rated0%-Non-GST-Petrol, Alchohol, etc.
What is non GST outward supplies?
(e) Non-GST outward supplies – details of any supplies made by you kept wholly out of GST. For eg, alcohol and petroleum products. 3.2 Of the supplied shown in 3.1(a) above, details of inter-state supplies made to unregistered persons, composition taxable persons, and UIN holders.