Question: Which Type Tax Is GST?

What is HSN code in GST?

HSN code stands for “Harmonized System of Nomenclature”.

This system has been introduced for the systematic classification of goods all over the world.

HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide..

How much is GST on a car?

GST Rate Applicable on Cars in IndiaSegmentEngine capacityTax rate post-GSTMid-size carsFrom 1,200cc to 1,500cc18%Luxury carsAbove 1,500cc28%SUVsAbove 1,500cc28%Electric vehiclesNA12%1 more row

What are the 3 types of GST?

Know about the types of GST in IndiaHighlights.CGST, SGST and IGST are the 3 types of GST in India.CGST and SGST are levied on intra-state transactions.CGST is collected by the centre and SGST by the state.IGST is charged on inter-state goods/services transactions.

How is GST calculated?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.

What is direct tax with example?

Direct taxes include income tax, property tax, corporate tax, estate tax, gift tax, value-added tax (VAT), sin tax, and taxes on assets. There are also indirect taxes, such as sales taxes, where a tax is levied on the seller but paid by the buyer.

What kind of tax is GST direct or indirect?

Goods and Services Tax (GST) GST subsumed as many as 17 different indirect taxes in India like Service Tax, Central Excise, State VAT, and more. It is a single, comprehensive, indirect tax which is imposed on all the goods and services as per the tax slabs laid by the GST council.

What is current GST rate?

Revision of GST Rates announced in the 31st GST Council MeetingGoods or commoditiesNew rateOld rateRetreated & used pneumatic Rubber Tyres28%18%Colour Television Sets & monitors up to “32 Inches”28%18%Digital & Video Camera recorders28%18%Pulleys, transmission shafts, cranks and gear boxes under HSN 848328%18%18 more rows

How do I calculate GST amount?

The rate thus levied depends on whether a good or service is a necessity or luxury. In general, items of need invite a lower tax rate, i.e. 5% or 12%, and luxury products are in the slabs of 18% and 28%. Apart from these, GST on gold is 3% and 0.25% of semi-precious and rough stones.

How does the GST work?

GST is charged on the value or selling price of the products. The amount of GST incurred on input (input tax) can be deducted from the amount of GST charged (output tax) by the registered person. … However, if the input tax is more than the output tax, the difference will be refunded by the Government.

How many types of GST are taxed?

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.

Is GST applicable on income tax?

Now by having such PAN based registration, value of total turnover reported in all returns under GST, whether it is CGST or SGST, will be reported to Income Tax Department by GSTN.

What is indirect tax give examples?

To put it simply, indirect taxes are those taxes that can be shifted from one individual to another. It is not levied directly on the income of the taxpayer, but is levied on the expenses incurred by them. Some examples of indirect taxes include sales tax, entertainment tax, excise duty, etc.

What is difference between GST and income tax?

What is the difference between GST and Income Tax? Income tax is a tax on profit while GST is a tax on consumption.

Who pays GST tax?

Goods and services tax (GST) is a tax of 10% on most goods, services and other items sold or consumed in Australia. If your business is registered for GST, you have to collect this extra money (one-eleventh of the sale price) from your customers. You pay this to the Australian Taxation Office (ATO) when it’s due.

Who is the father of GST?

A single common “Goods and Services Tax (GST)” was proposed and given a go-ahead in 1999 during a meeting between the Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan.