{"id":2309,"date":"2018-03-14T07:55:14","date_gmt":"2018-03-14T02:25:14","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=2309"},"modified":"2019-09-25T17:51:41","modified_gmt":"2019-09-25T12:21:41","slug":"gst-rates-know-gst-gst-bill-rates","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/gst-rates-know-gst-gst-bill-rates\/","title":{"rendered":"GST Rates \u2013 Know what is GST and GST Bill Rates"},"content":{"rendered":"<p><strong>Types of GST:<\/strong><\/p>\n<p>There are 3 types of GST:<\/p>\n<ul>\n<li>CGST \u2013 It is short for Central GST.<\/li>\n<li>SGST \u2013 It is short for State GST.<\/li>\n<li>IGST \u2013 It is short for Integrated GST.<\/li>\n<\/ul>\n<p><strong>CGST\u00a0<\/strong>\u2013 Here, the tax will be imposed by the central government of India. It will replace excise duty, service tax, SAD (Special Additional Duty), CVD (Countervailing Duty), ADE (Additional Duties of Excise) and other indirect taxes levied by the central government. CGST will be applicable on supplies within a state and the tax revenue will go only to the central government.<\/p>\n<p><strong>SGST<\/strong>\u00a0\u2013 Here, tax will be imposed by the state government. It will replace sales tax, VAT, entertainment tax, entry tax, luxury tax, Octroi, purchase tax and taxes on lottery. SGST will be applicable on supplies within a state and the tax revenue will go only to the state government.<\/p>\n<p>Both CGST and SGST will be levied only if the annual turnover is more than Rs.20 lakhs. They both are applicable on free supplies. Registration for both is required only if the turnover is more than Rs.20 lakhs. Dealers can use the Composition Scheme to avail benefits, if the turnover is Rs.50 lakhs.<\/p>\n<p><strong>IGST<\/strong>\u00a0\u2013 It will be imposed by state and central government together, but is collected by the central government. The revenue is shared by both central and state governments. It will replace Central Sales Tax (CST). It will be applicable on interstate import and supplies. No exemption limit has been defined by the government for this type of GST. If dealers supply in different states, then they have to register for this GST. It will also be applicable on free supplies. For this type of GST, the composition scheme is not available.<\/p>\n<p><strong>GST Rates in India 2017<\/strong><\/p>\n<p>The GST Council has proposed a four-tier tax structure wherein rates are either nil or very low so far as essential food items are concerned. The reason for this is that these food items constitute around 50% of the consumer basket, and contributes significantly towards ensuring that widespread inflation is kept in check even after the revised tax slabs under GST have been implemented. Negative items and luxury goods, however, are expected to be taxed at a considerably higher rate in order to maintain revenue neutrality for state and central governments following the implementation of the new <a href=\"https:\/\/www.antworksmoney.com\/blog\/gst\/\">GST<\/a> rates. Other precious metals are likely to see the implementation of an extra concessional GST tax slab as these metals are currently taxed at just 1% under VAT.<\/p>\n<p>Following is a table of commodities and services and the GST rates applicable to them:<\/p>\n<table class=\"table table-curved\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\"><strong>Commodities \/ Services<\/strong><\/td>\n<td style=\"text-align: left;\"><strong>GST Rate<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Items that are not listed in any other category, such as electrical appliances, oil, soaps, etc.<\/td>\n<td style=\"text-align: left;\">18%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">All services like professional charges, fees, insurance, banking, restaurants, telecom, etc.<\/td>\n<td style=\"text-align: left;\">18%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Essential farm produced mass consumption items such as wheat, rice, food grains, etc.<\/td>\n<td style=\"text-align: left;\">NIL<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Mass consumption and common use food items like mustard oil, tea, spices, etc., but not including processed foods<\/td>\n<td style=\"text-align: left;\">5%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Processed foods<\/td>\n<td style=\"text-align: left;\">12%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Cars and white goods<\/td>\n<td style=\"text-align: left;\">28%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">De-merits and luxury goods and items that fall under the sin category, such as aerated drinks, tobacco, luxury cars, pan masala, etc.<\/td>\n<td style=\"text-align: left;\">28% + CESS<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Types of GST: There are 3 types of GST: CGST \u2013 It is short for Central GST. SGST \u2013 It is short for State GST. IGST \u2013 It is short for Integrated GST. CGST\u00a0\u2013 Here, the tax will be imposed by the central government of India. It will replace excise duty, service tax, SAD (Special &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/gst-rates-know-gst-gst-bill-rates\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GST Rates \u2013 Know what is GST and GST Bill Rates&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2309","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>GST Rates \u2013 Know what is GST and GST Bill Rates - Antworks Money<\/title>\r\n<meta name=\"description\" content=\"There are 3 types of GST: CGST \u2013 It is short for Central GST, SGST \u2013 It is short for State GST, IGST \u2013 It is short for Integrated GST.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/gst-rates-know-gst-gst-bill-rates\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"GST Rates \u2013 Know what is GST and GST Bill Rates - 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