The GST rates shall be multiplied by the assessable value of the supply to arrive at the GST amounts in a tax invoice.įurther, the GST law levies cess in addition to the above GST rates on the sale of some items such as cigarettes, tobacco, aerated water, petrol, and motor vehicles, rates widely varying from 1% to 204%. These are the total GST rate of IGST for interstate supply or the addition of both CGST and SGST for intrastate supply. There is a concept of TDS and TCS under GST as well, whose rates are 2% and 1% respectively. There are a few lesser-used GST rates such as 3% and 0.25%.Īlso, the composition taxable persons must pay GST at lower or nominal rates such as 1.5% or 5% or 6% on their turnover.
The primary GST slabs for any regular taxpayers are presently pegged at 0% (nil-rated), 5%, 12%, 18% & 28%. Types of GST Rates and GST Rate structure in India Whereas, the GST rate in the case of IGST (For inter-state transactions) is approximately the sum total of CGST and SGST rate. The GST rates in CGST and SGST (For intra-state transactions) are approximately the same. A business registered under the GST law must issue invoices with GST amounts charged on the value of supply. GST rates refer to the percentage rates of tax imposed on the sale of goods or services under the CGST, SGST and IGST Acts. In this article, learn the meaning of GST rate and catch all the latest updates on GST rates in India 2023. Our HSN cum GST rates finder helps you identify the accurate and latest GST rate applicable for the product/service. Everyone tends to evaluate their position as a result of this change. When the GST Council revises GST rates, it hits respective industries, trade bodies and end consumers, impacting the economy. GST rates list is crucial for every Indian business and consumer to know. GST Registration Threshold Limits Increased.GSTR-4: Return Filing, Format, Eligibility & Rules.
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