Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh attracts no GST
Is Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh is exempted to pay GST? Any GST concession on Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh? I am doing Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh. Should I need to pay GST?
There are six GST tax slabs – 0, 5, 12, 18, 28, and 28 percent plus cess. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST
As per GST Law 2017, there is no GST payable on Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year.
So the rate of GST payable on Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year is nil rate.
Under GST, all goods and services transacted in India are classified under the HSN code system or SAC Code system. Goods are classified under HSN Code and services are classified under SAC Code. Based on the HSN or SAC code, GST rates have been fixed in five slabs, namely NIL, 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess
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The above details about GST rate tariff on Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year is only for information.
The validity of above information and amendments about GST rate on Services provided by Government or a local authority to a business entity with a turnover up to rupees twenty lakh (ten lakh rupees in a special category state) in the preceding financial year may be verified before any business dealing.
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