Meaning of Single rate GST

Term Single rate GST

 

This post explains about Single rate GST.

Single-rate GST

Single rate GST means the one tax rates which levied on supply of goods or services.

But in India it is difficult to maintain single tax rate for all supply of goods or services due to diversity of people, states, goods e.t.c.

So government opted to adopt few number of tax rates which is used for levying on supply of goods or services.

The government has opted for four slabs for both goods and services — 5%, 12%, 18% and 28%. In addition, several items face zero levy, while bullion will attract 3% GST and luxury and sin goods that are in the top bracket will also attract a cess that will be used to compensate states for revenue loss.

In the current form of GST, the government has opted for six rate slabs for goods and services — zero, 5 percent, 12 percent, 18 percent and 28 percent and 28 percent plus cess for luxury goods. In addition, bullion will attract 3 percent GST. The cess on luxury goods will be used to compensate states for any revenue loss incurred due to GST implementation for five years after implementation. The loss is to be calculated with FY2016 as the base year and an annual growth of 14 percent over the period of compensation. Besides, under the current system, both central and state governments will have a share in tax collections.

The information on Single rate GST is detailed above.   Comment below your thoughts on Single rate GST.

 

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Goods and services tax compliance rating, Sec 149 of CGST Act, 2017      

Section 146 of CGST Act, 2017 Common Portal   

Section 145 of CGST Act, 2017 Admissibility of micro films, facsimile copies of documents              

Job work procedure, Section 143 of CGST Act, 2017         

Section 139 of CGST Act, 2017 Migration of existing taxpayers    

Section 135 Presumption of culpable mental state, CGST Act, 2017          

Liability of officers and certain other persons, Section 133 of CGST Act, 2017       

Sec 132 of CGST Act, 2017 Punishment for certain offences         

Section 129 of CGST Act, 2017 Detention, seizure and release of goods and conveyances in transit

Meaning of term Gross Annual Turnover under GST

Grant of registration to non-resident taxable person under GST

Term goods and services tax practitioners under GST

Goods and Services Tax Dispute Settlement Authority under GST

What is GST Council and GST council meeting

GDP growth under GST

What is Fundamental GST Objective

Functions of GSTN under mode of payment of GST Means

Meaning of Full compliance under GST

 How to open an LC? Procedures to open a Letter of Credit

How to overcome credit risk in export business?

 How to overcome Negative thoughts in export business

How to prepare an Export Invoice. Contents of Export commercial Invoice:

 How to prepare an Export Packing list. Contents of Export Packing list

How to export from India to France?

Documents required to export from France

How to prepare Purchase order

How to export from Democratic Republic of the Congo?

How to Import to Democratic Republic of the Congo?

How to import to India from Democratic Republic of the Congo?

How to export from India to Democratic Republic of the Congo?

Documents required for Export from Democratic Republic of the Congo

Customs procedures for Democratic Republic of the Congo Export

Registration required to export from Democratic Republic of the Congo

 


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers