In this post, we are going to share all thing about GST, How GST is going to affect our life. GST is an upcoming system of taxation in India which is going to be implemented from 1st July 2017 in India. What is GST in india?. What is GST registration number, how to get GST registration number online? what is GST tax?.
The GST is governed by the GST Council and its Chairman is Finance Minister Arun Jaitley.
The government has categorised 1211 items under various tax slabs. With its diverse implications and ambit, the GST will be the biggest taxation shake-up in India since independence. Here are the main points about GST that you should know about before it is implemented from 1 July 2017.
GST will be effective from 1st July 2017. GST rates of services will be in 4 slabs. i.e 5,12,18,28. Medicines and all the thing related to health care directly or indirectly have been exempted fro GST tax. Education and travelling from the metro and local train have been also exempted from GST taxation. Basic foods like cere lac, eggs, meats also exempted.
Flying in economy class comes under 5% of slabs. whereas business class comes under 12% taxation. The non-air-conditioned restaurant comes under 12% of GST tax whereas air conditioned restaurant 18%.
Hotels with tariff under 1000 GST exempted, hotels with tariff under 2500-5000 18% GST and having tariff above 5000/- will cost 28% GST tax. Telecom services, Financial services comes under 18%, construction of houses under 12%, entertainment and cinema under 28% tax.