Key fact of GST

[Miruthula Jane]

GST Council has fixed four rates under GST act. The slab tax is 5,12,18 and 28%. If there is increased upto 40% provide has been made in the GST bill. But present situation the maximum GST rate is 28%. Costumers less tax will get the benefit of this. After applying the GST product cost decreased. If any company or factory manufacture any products and sells it to another state then he has to pay tax in both states. Companies and business will get the benefit of the GST. There is no problem is done transfer goods from one location to another location. All those small taxpayers composition scheme shall have to fill the return on quarterly basis. After GST implementation the effects of of taxes done on good and products.

AI Summary

GST Council Sets Four Tax Rates: 5%, 12%, 18%, 28%; Highlights Benefits and Filing Requirements for Businesses A discussion on the Goods and Services Tax (GST) highlights that the GST Council has established four tax rates: 5%, 12%, 18%, and 28%. Although provisions exist for rates up to 40%, the current maximum is 28%. GST has reduced product costs, benefiting consumers. Companies must pay taxes in both states when selling products across state lines, but GST facilitates easier goods transfer. Small taxpayers under the composition scheme must file returns quarterly. The discussion received brief replies, appreciating the content and suggesting further elaboration for article publication.