Lac is exempted from paying GST
Is GST payable on sale of Lac? Is GST exempted on Lac? I am a Lac dealer. Should I need to pay GST?
What is the concessional rate of GST on Lac?
GST tax on Lac under HSN chapter 1301
As per GST Law, there is no GST payable on Lac.
So the rate of GST payable on Lac is nil rate.
Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. 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.
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The above details about GST rate tariff on Lac is only for information.
The validity of above information and amendments about GST rate on Lac may be verified before any business dealing.
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