What is GST rate in India?

The GST rate in India for various goods and services is divided under 4 slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST. However, there are some products that do not carry any GST rate.

What is the GST percentage in India?

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. 7% goods and services fall under this category.

What is current GST rate?

Revision of GST Rates announced in the 37th GST Council Meeting

Goods or commodities New rate Old rate
Other Job work 12% 18%
Hotels with Room Tariff of Rs.7501 and above 18% 28%
Hotels with Room Tariff from Rs 1,001 to Rs 7,500 12% 18%
Woven or non-woven Polyethylene Packaging bags 12% 18%

How is GST calculated in India?

The formula for GST calculation:

  1. Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.
  2. Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.
IMPORTANT:  Which country currency is almost equal to Indian Rupee?

How much GST is on all products?

In India, nearly all goods and services under the purview of GST have been divided into four GST rates – 5%, 12%, 18%, and 28%. The GST council revises inclusions under these rates from time to time in order to ensure efficient pricing of different categories of products.

What are the 3 types of GST?

The 4 types of GST in India are:

  • SGST (State Goods and Services Tax)
  • CGST (Central Goods and Services Tax)
  • IGST (Integrated Goods and Services Tax)
  • UGST (Union Territory Goods and Services Tax)

How is GST calculated?

GST can be calculated simply by multiplying the Taxable amount by GST rate. If CGST & SGST/UTGST is to be applied then CGST and SGST both amounts are half of the total GST amount. For example, GST including amount is Rs. 525 and GST rate is 5%.

What are the 4 slabs of GST?

The government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18% and 28%. After the recent revision of GST rates, these are the commodities that fall under the four tax slabs along with those that do not attract any tax.

What is HSN code in GST India?

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.

Who qualifies for GST?

Who is eligible for the GST/HST credit?

  • You are 19 years of age or older.
  • You have (or had) a spouse or common-law partner.
  • You are (or were) a parent and live (or lived) with your child.
IMPORTANT:  Which year India started celebrating May Day?

Is GST calculated on profit?

As GST is levied on value addition at each stage, a consumer has to pay only the GST charged by the last dealer or supplier in the supply chain.



Tax Calculation under GST System.

Value to Manufacturer Old Tax system GST System
Profit margin of 10% Rs.27,450 Rs.24,640
Total Value Rs.3,01,950 Rs.2,71,040
Magic India