Tax Benefit Sec 80GG : Rent paid if not getting HRA

Not many people are aware of this deduction is respect of rent paid :

 

Section 80GG Deduction-Get Tax Benefit on rent paid if not getting HRA !!!

All salaried are very much familiar with HRA and how to get the benefit of the rent they pay. However, what about those who not get HRA in their salary or for self employed? Will they still get rent benefit? The answer to both the questions is Section 80GG of Income Tax.

 

So as I said above this section only applies to those who have not availed HRA in their salary or not claiming the deduction on their rent in any of the other sections of income tax.  Below are a few conditions to avail the deduction under this section.

 

  1. This section is only applicable to Individual or HUF.
  2. Tax Payer may be either salaried or a self-employed. However, must not be getting HRA.
  3. Tax Payer himself or spouse/Minor Child/HUF of which he is a member should not own any accommodation at a place where he is doing a job or business.
  4. If Tax Payer owns house at a place other than the place noted above, then the concession in respect of self occupied property is not claimed by him [Under Section 23 (2) (a) or 23 (4) (a)].
  5. Tax Payer has to file a declaration in Form No.10BA regarding the expenditure incurred by him towards the payment of rent.
How much amount of deduction one can avail under Sec. 80GG?
If the above five conditions are satisfied, the amount deductible under Section 80GG is LEAST OF THE FOLLOWING.
  • Rs.5, 000 per month;
  • 25% of total income of taxpayer for the year; or
  • Rent Paid less 10% of total income (Rent Paid-10% of Total Income).
What is total income for the purpose of Sec. 80GG?
We can calculate it as below.
Total Income=Gross Total Income-LTCG-STCG-Income referred under the Sec.115A-Amount deductible under Sec.80C to 80U (except Section 80GG)
Let us try with one example-

 

Mr. X’s total income (calculated as per above formula) is Rs.4, 00,000. He pays an annual rent of Rs.1, 50,000. Then least of the below will be applicable for deduction under Sec. 80GG.

 

  • Rs.60, 000 per year.
  • Rent Paid-10% of Total Income=Rs. 1,50,000-Rs.40,000=Rs.1,10,000.
  • 25% of Total Income i.e Rs.1, 00,000.
So least of the above will be Rs.60, 000, which one can claim under Section 80GG for that particular FY.

 

source : https://www.basunivesh.com/2014/10/22/section-80gg-deduction-get-tax-benefit-on-rent-paid-if-not-getting-hra

Frequently Asked Questions (FAQ) on GST

Frequently Asked Questions (FAQ) on GST

==> Central board of excise & customs New Delhi

 

Download FAQ file 

 

 

Levy of and Exemption from Tax

 

Q 1. Where is the power to levy GST derived from?
Ans. Article 246A of the Constitution, which was introduced
by the Constitution (101st Amendment) Act, 2016
confers concurrent powers to both parliament and state
legislatures to make laws with respect to GST. However,
-clause 2 of Article 246A read with Article 269A provides
exclusive power to the Parliament to legislate with respect
to inter-state trade or commerce.

 

Q 2. What is the taxable event under GST?
Ans. Supply of goods and/or services. CGST & SGST will be
levied on intra-state supplies while IGST will be levied on
inter-state supplies. The charging section is section 7 (1)
of CGST/SGST Act and Section 4(1) of the IGST Act.

 

Q 3. Is the reverse charge mechanism applicable
only to services?
Ans. No, reverse charge applies to supplies of both goods
and services.

 

Q 4. What will be the implications in case of
purchase of goods from unregistered dealers?
Ans. The receiver of goods will not be able to get
ITC. Further, the recipients who are registered under
composition schemes would be liable to pay tax under
reverse charge.

Q 5. In respect of exchange of goods, namely gold
watch for restaurant services will the transaction be
taxable as two different supplies or will it be taxable
only in the hands of the main supplier?
Ans. No. In the above case the transaction of supply of
watch from consumer to the restaurant will not be an
independent supply as the same is not in the course of
business. It is a consideration for a supply made by the
restaurant to him. The same will be a taxable supply by
the restaurant.

 

Q 6. Whether supplies made without consideration
will also come within the purview of Supply under
GST?
Ans. Yes only those cases which are specified under
Schedule I to the Model GST Law.

 

Q 7. Who can notify a transaction to be supply of
goods and/or services?
Ans. Central Government or State Government on the
recommendation of the GST Council can notify a transaction
to be the supply of goods and/or services.

 

Q 8. Will a taxable person be eligible to opt for
composition scheme only for one out of 3 business
verticals?
Ans. No, composition scheme would become applicable
for all the business verticals/registrations which are
separately held by the person with same PAN

Q 9. Can composition scheme be availed if the
taxable person effects inter-State supplies?
Ans. No, composition scheme is applicable subject to the
condition that the taxable person does not affect interstate
supplies.

 

Q 10. Can the taxable person under composition
scheme claim input tax credit?
Ans. No, taxable person under composition scheme is not
eligible to claim input tax credit.

 

Q 11. Can the customer who buys from a taxable
person who is under the composition scheme claim
composition tax as input tax credit?
Ans. No, customer who buys goods from taxable person
who is under composition scheme is not eligible for
composition input tax credit because a composition scheme
supplier cannot issue a tax invoice

 

Q 12. Can composition tax be collected from
customers?
Ans. No, the taxable person under composition scheme is
restricted from collecting tax. It means that a composition
scheme supplier cannot issue a tax invoice.

 

Q 13. What is the threshold for opting to pay tax
under the composition scheme?
Ans. The threshold for composition scheme is Rs. 50 Lakhs
of aggregate turnover in financial year.

 

Q 14. How to compute ‘aggregate turnover’ to
determine eligibility for composition scheme?
Ans. The methodology to compute aggregate turnover is
given in Section 2(6). Accordingly, ‘aggregate turnover’
means ‘Value of all supplies (taxable and non-taxable
supplies + Exempt supplies + Exports) and it excludesTaxes
levied under CGST Act, SGST Act and IGST Act, Value of
inward supplies + Value of supplies taxable under reverse
charge of a person having the same PAN.

 

Q 15. What are the penal consequences if a taxable
person violates the condition and is not eligible for
payment of tax under the Composition scheme?
Ans. Taxable person who was not eligible for the
composition scheme would be liable to pay tax, interest and
in addition he shall also be liable to a penalty equivalent to
the amount of tax payable. (Section 8 (3) of the MGL).

 

Q 16. What is the minimum rate of tax prescribed
for composition scheme?
Ans. 1%

 

Q 17. When exemption from whole of tax collected
on goods and/or services has been granted
unconditionally, can taxable person pay tax?
Ans. No, the taxable person providing such goods or
services shall not collect the tax on such goods or services.

 

Q 18. What is remission of tax/duty?
Ans. It means relieving the tax payer from the obligation
to pay taxon goods when they are lost or destroyed due
to any natural causes. Remission is subject to conditions
stipulated under the law and rules made thereunder.

 

Q 19. Whether remission is allowed under GST law?
Ans. Yes, proposed section 11 of Model GST law permits
remission of tax on supply of goods.

 

Q 20. Whether remission is allowed for goods lost or
destroyed before supply?
Ans. Remission of tax will apply only when tax is payable
as per law i.e. taxable event should have happened and tax
is required to be paid as per law. Under GST Law, levy is
applicable upon supply of goods. Where goods are lost or
destroyed before supply, taxable event does not occur in
order to pay tax. Accordingly, question of remission of tax
does not rise.

 

Q 21. Whether remission is allowed on goods lost or
destroyed for all reasons?
Ans. No, on plain reading of the language of proposed
Section 11, remission is allowed only for those cases where
supply of goods is found to be deficient in quantity due to
natural causes.

 

Q 22. Does the model GST Law empower the
competent government to exempt supplies from the
levy of GST?
Ans. Yes. Under Section 10 of the Model GST Law, the
Central or the State Government, on the recommendation
of the GST council can exempt the supplies from the levy of
GST either generally or subject to conditions.

 

Source : http://www.cbec.gov.in/htdocs-cbec/gst

GST – Frequently Asked Questions on Composition Levy

 

Frequently Asked Questions on Composition Levy

 

Q 1. What is composition levy under GST?
Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers. Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at normal rate.

 

Q 2. What is the specified rate of composition levy?
S. No.
Category of Registered person
Rate of Tax
1
Manufacturers, other than manufacturers of such goods as may be notified by the Government (Ice cream, Pan Masala, Tobbacco prodcuts etc.)
2% ( 1% Central tax plus 1% State tax) of the turnover
2
Restaurant Services
5% ( 2.5% Central tax plus 2.5% SGST) of the turnover
3
Traders or any other supplier eligible for composition levy
1% ( 0.5% Central tax plus 0.5% State tax) of the turnover

 

Q 3. What is the eligibility category for opting for composition levy? Which are the Special Category States in which the turnover limit for Composition Levy for Central tax and State tax purpose shall be Rs. 50 lakhs?
Ans. Composition scheme is a scheme for payment of GST available to small taxpayers whose aggregate turnover in the preceding financial year did not cross Rs. 75 lakhs. In the case of the following States, the limit of turnover is Rs. 50 lakhs:-
a) Arunachal Pradesh
b) Assam
c) Manipur
d) Meghalaya
e) Mizoram
f) Nagaland
g) Sikkim
h) Tripura
i) Himachal Pradesh

 

Q 4. Who are the persons not eligible for composition scheme?
Ans. Following persons are not allowed to opt for the composition scheme:
a) a casual taxable person or a non-resident taxable person;
b) suppliers whose aggregate turnover in the preceding financial year crossed Rs. 75 lakhs;
c) supplier who has purchased any goods or servcies from unregistered supplier unless he has paid GST on such goods or services on reverse charge basis;
d) supplier of services, other than restaurant service;
e) persons supplying goods which are not taxable under GST law;
f) persons making any inter-State outward supplies of goods;
g) suppliers making any supply of goods through an electronic commerce operator who is required to collect tax at source under section 52; and
h) a manufacturer of following goods:
S. No.
Classification      (Tariff item/Chapter)   Descriptions
1                            2105 00 00               Ice cream and other edible ice, whether or not containing cocoa

2                              2106 90 20              Pan masala

 

3                                   24                          Tobacco and manufactured tobacco substitutes
Note: There is no restriction on procuring goods from inter-state suppliers by persons opting for the composition scheme

 

Q 5. When will a person opting for composition levy pay tax?
Ans. A person opting for composition levy will have to pay tax on quarterly basis before 18th of the month succeeding the quarter during which the supplies were made.

 

Q 6. A person availing composition scheme during a financial year crosses the turnover of Rs.75 lakhs/50 lakhs during the course of the year i.e. say he crosses the turnover of Rs.75 lakhs/50 lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March?
Ans. No. The option to pay tax under composition scheme lapses from the day on which his aggregate turnover during the financial year exceeds the specified limit (Rs. 75 lakhs / Rs. 50 lakhs). He is rqeuired to file an intimation for withdrawal from the scheme in FORM GST CMP-04 within seven days from the day on which the threshold limit has been crossed.
However, such person shall be allowed to avail the input tax credit in respect of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him and on capital goods held by him on the date of withdrawal and furnish a statement within 30
days of withdrawal containing the details of such stock held in FORM GST ITC-01 on the common portal.

 

Q 7. How will the aggregate turnover be computed for the purpose of composition?
Ans. Aggregate turnover will be computed on the basis of turnover on an all India basis and will include value of all taxable supplies, exempt supplies and exports made by all persons with same PAN, but would exclude inward supplies under reverse charge as well as central, State/Union Territory and Integrated taxes and cess.

 

Q 8. Can a person who has opted to pay tax under the composition scheme avail Input Tax Credit on his inward supplies?
Ans. No. A taxable person opting to pay tax under the composition scheme is out of the credit chain. He cannot take credit on his input supplies. When he switch over from composition scheme to normal scheme, eligible credit on the date of transition would be allowed (refer Q 6 above).

 

Q 9. Can a registered person, who purchases goods from a taxable person paying tax under the composition scheme, avail credit of tax paid on purchases made from the composition dealer?
Ans. No as the composition dealer cannot collect tax paid by him on outward supplies from his customers, the registered person making purchases from a taxable person paying tax under the composition scheme cannot avail credit.

 

Q 10. Can a person paying tax under the composition scheme issue a tax invoice under GST?
Ans. No. He can issue a bill of supply in lieu of tax invoice.

 

Q 11. Are monthly returns required to be filed by the person opting to pay tax under the composition scheme?
Ans. No. Such persons need to electronically file quarterly returns in Form GSTR-4 on the GSTN common portal by the 18th of the month succeeding the quarter. For example return in respect of supplies made during July, 2017 to September, 2017 is required to be filed by 18th October, 2017.

 

Q 12. What are the basic information that need to be furnished in GSTR-4?
Ans. It would contain details of the turnover in the State or Union territory, inward supplies of goods or services or both and tax payable.

 

Q 13. A person opting to pay tax under the composition scheme receives inputs/input services from an unregistered person. Will the composition taxpayer have to pay GST under reverse charge? If yes, in what manner?
Ans. Yes. Tax will have to be paid on such supplies by the composition taxpayer under reverse charge mechanism. The tax can be paid by the 18th day of the month succeeding the quarter in which such supplies were received. The information relating to such supplies should be shown by the composition taxpayer in Table 4 of return in FORM GSTR -4.

 

Q 14. What is the form in which an intimation for payment of tax under composition scheme needs to be made by the taxable person?
Ans. The intimation is to be filed electronically in FORM GST CMP- 01 or FORM GST CMP- 02.

 

Q 15. A person registered under existing law (Central Excise/Service Tax/VAT) and who has been granted registration on a provisional basis wants to opt for composition scheme. How and when can he do that?
Ans. Such a person has to electronically file a duly signed/verified intimation in FORM GST CMP-01, on the common portal, prior to 22nd June, 2017 or such further period as may be allowed by the Commissioner.

 

Q 16. What are the other compliances which a provisionally registered person opting to pay tax under the composition levy need to make?
Ans. Such person is required to furnish the details of stock, including the inward supply of goods received from unregistered persons, held by him on the day preceding the date from which he opts to pay tax under the composition scheme, electronically, in FORM GST CMP-03, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, within a period of sixty days from the date on which the option for composition levy is exercised or within such further period as may be extended by the Commissioner in this behalf.

 

Q 17. Can a person making application for fresh registration under GST opt for composition levy at the time of making application for registration?
Ans. Yes. Such persons can give the option to pay tax under the composition scheme in Part B of FORM GST REG-01. This will be considered as an intimation to pay tax under the composition scheme.

 

Q 18. Can the option to pay tax under composition levy be exercised at any time of the year?
Ans. No. The option is required to be given electronically in FORM GST CMP-02, prior to the commencement of the relevant financial year.

 

Q 19. Can a person who has already obtained registration, opt for payment under composition levy? If so, how?
Ans. Yes. Such persons need to give intimation electronically in Form GST CMP-02 but from beginning of the financial year only.

 

Q 20. What are the compliances from ITC reversal point of view that need to be made by a person opting for composition levy?
Ans. The registered person opting to pay tax under composition scheme is required to pay an amount equal to the input tax credit in respect of inputs held in stock and inputs conatined in semi-finished or finished goods held in stock on the day immediately preceding the date of exercise of option. The ITC on inputs shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such inputs.
In respect of capital goods held in stock on the day immediately preceding the date of exercise of option, the input tax credit involved in the remaining useful life in months shall be computed on pro-rata basis, taking the useful life as 5 years. Assume capital goods have been in use for 4 years, 6 months and 15 days. The useful remaining life in months will be 5 months ignoring the part of the month. If ITC on such capital goods is taken as C, ITC attributable to the remaining useful life will be C multiplied by 5/60. This would be the amount payable on capital goods.
The ITC amount shall be determined separately for integrated tax, central tax and state tax/Union territory tax. The payment can be made by debiting electronic credit ledger, if there is sufficient balance in the said ledger, or by debiting electronic cash ledger.The balance , if any in the electronic credit ledger would lapse.
Such persons also have to furnish the statement in FORM GST ITC-03 which is a declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under Section 18(4) of the CGST Act, 2017 within a period of sixty days from the commencement of the relevant financial year.

 

Q 21. In case a person has registration in multiple states? Can he opt for payment of tax under composition levy only in one state and not in other state?
Ans. The option to pay tax under composition scheme will have to be exercised for all States.

 

Q 22. What is the effective date of composition levy?
Ans. There can be three situations:
Situation
Effective date of composition levy
Persons who have been granted provisional registration and who opt for composition levy (Intimation under Rule 3(1))
The appointed date is 22nd June, 2017
Persons opting for composition levy at the time of making application for new registration in the same registration application itself (Intimation under Rule 3(2))
Effective date of registration; Intimation shall be considered only after the grant of registration and his option to pay tax under section 10 shall be effective from the effective date of registration
Persons opting for composition after obtaining registration (Intimation under Rule 3(3))
The beginning of the financial year

 

Q 23. What are the other conditions and restrictions subject to which a person is allowed to avail of composition scheme?
Ans. The person exercising the option to pay tax under section 10 shall comply with the following other conditions (in addition to what is stated in answer to Q 4 above), namely: –
a) he shall mention the words “composition taxable person, not eligible to collect tax on supplies” at the top of the bill of supply issued by him; and
b) he shall mention the words “composition taxable person” on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business.

 

Q 24. What is the validity of composition levy?
Ans. The option to pay tax under composition levy would remain valid so long as conditions mentioned in section 10 of the CGST Act, 2017 and Rule 3 to 5 of the CGST Rules, 2017 remain satisfied.

 

Q 25. Can a person paying tax under composition levy, withdraw voluntarily from the scheme? If so, how?
Ans. Yes. The registered person who intends to withdraw from the composition scheme can file a duly signed or verified application in FORM GST CMP-04.
Every person who has filed an application for withdrawal from the composition scheme, may electronically furnish, a statement in FORM GST ITC-01 containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him on the date of withdrawal, within a period of thirty days of withdrawal.

 

Q 26. What action can be taken by the proper officer for contravention of any provisions of composition levy and how?
Ans. Where any contravention is observed by the proper officer wherein the registered person was not eligible to pay tax under the composition scheme or has contravened the provisions of the CGST Act, 2017 or provisions of Chapter II of the CGST Rules, 2017, he may issue a notice to such person in FORM GST CMP-05 to show cause within fifteen days of the receipt of such notice as to why the option to pay tax under the composition scheme shall not be denied.
Upon receipt of the reply to the said show cause notice in FORM GST CMP-06, the proper officer shall issue an order in FORM GST CMP-07 within a period of thirty days of the receipt of such reply, either accepting the reply, or denying the option to pay tax under the composition scheme from the date of the option or from the date of the event concerning such contravention, as the case may be.

 

Q 27. In case the option to pay tax under composition levy is denied by the proper officer, can the person avail ITC on stock after denial?
Ans. Yes. ITC can be availed by filing, a statement in FORM GST ITC-01 (containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock) by him on the date on which the option is denied as per order in FORM GST CMP-07, within a period of thirty days from the order.

 

Q 28. Will withdrawal intimation in any one place be applicable to all places of business?
Ans. Yes. Any intimation or application for withdrawal in respect of any place of business in any State or Union territory, shall be deemed to be an intimation in respect of all other places of business registered on the same Permanent Account Number.

 

Q 30. Can supplier of Services opt for composition levy?
Ans. No, the only exception being supplier of restaurant services.

 

Q 31. What are the penal consequences if a person opts for the composition scheme in violation of the conditions?
Ans. If a taxable person has paid tax under the composition scheme though he was not eligible for the scheme then the person would be liable to penalty and the provisions of section 73 or 74 shall be applicable for determination of tax and penalty.

 

Q 32. Can a person paying tax under composition scheme make supplies of goods to SEZ?
Ans. No. Supplies to SEZ from domestic tariff area will be treated as inter-State supply. A person paying tax under composition scheme cannot make inter-State outward supply of goods. Thus, for making supplies to an SEZ unit, a person needs to take registration as a regular taxpayer. The supplies to SEZ will be zero rated and the supplier will be entitled to
make supplies without payment of tax or if he pays tax, he will be entitled to refund of tax so paid.

 

Q 33. A registered person has excess ITC of Rs 10, 000/- in his last VAT return for the period immediately preceding the appointed day. Under GST he opts for composition scheme. Can he carry forward the aforesaid excess ITC to GST?
Ans. The registered person will not be able to carry forward the excess ITC of VAT to GST if he opts for composition scheme.
****

 

Source : http://www.cbec.gov.in/htdocs-cbec/gst

 

 

GST Rates & HSN Codes

Related image

 

HSN / SAC Lookup

What is HSN Code?
The Harmonized Commodity Description and Coding System generally referred to as “Harmonized System of Nomenclature” or simply “HSN” is a multipurpose international product nomenclature developed by the World Customs Organization

 

Why is it required?
Every business is required to declare list of goods they are dealing into. This declaration is required along with the HSN code of such commodity. System will automatically pick tax rate under GST regime based on these HSN codes. Thus it is of utmost importance to mention correct HSN codes at the time of enrollment or registration under GST

 

GST Rates & HSN Codes

GST council has made the much-awaited announcements around tax rates on various categories of goods on day one of a two-day meeting of the said council at Srinagar. There has been a hype around these rates for a while and now these rates are finally in the public domain.

 

As soon as the GST rates were announced a huge wave of curiosity hit across industry and trade bodies. Everyone is evaluating their position as a result of this change. So in this article, we bring you our analysis of these GST rates.

 

We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. According to the latest news from the GST council, the tax structure for common-use goods are as under:

GST Rates Structure

Tax Rates Products
0% Milk Kajal
Eggs Educations Services
Curd Health Services
Lassi Children’s Drawing & Colouring Books
Unpacked Foodgrains Unbranded Atta
Unpacked Paneer Unbranded Maida
Gur Besan
Unbranded Natural Honey Prasad
Fresh Vegetables Palmyra Jaggery
Salt Phool Bhari Jhadoo
5% Sugar Packed Paneer
Tea Coal
Edible Oils Raisin
Domestic LPG Roasted Coffee Beans
PDS Kerosene Skimmed Milk Powder
Cashew Nuts Footwear (< Rs.500)
Milk Food for Babies Apparels (< Rs.1000)
Fabric Coir Mats, Matting & Floor Covering
Spices Agarbatti
Coal Mishti/Mithai (Indian Sweets)
Life-saving drugs Coffee (except instant)
12% Butter Computers
Ghee Processed food
Almonds Mobiles
Fruit Juice Preparations of Vegetables, Fruits, Nuts or other parts of Plants including Pickle Murabba, Chutney, Jam, Jelly
Packed Coconut Water Umbrella
18% Hair Oil Capital goods
Toothpaste Industrial Intermediaries
Soap Ice-cream
Pasta Toiletries
Corn Flakes Computers
Soups Printers
28% Small cars (+1% or 3% cess) High-end motorcycles (+15% cess)
Consumer durables such as AC and fridge Beedis are NOT included here
Luxury & sin items like BMWs, cigarettes and aerated drinks (+15% cess)

In addition to the above, a few

 

  • Sugar, Tea, Coffee and Edible oil will fall under the 5 per cent slab, while cereals, milk will be part of the exempt list under GST. This is to ensure that basic goods are available at affordable prices. However, instant food has been kept outside this bracket so, no relief for Maggie lovers!
  • The Council has set the rate for capital goods and industrial intermediate items at 18 per cent. This will positively impact domestic manufacturers as seamless input credit will be available for all capital goods. Indeed, it is time for “Make In India”.
  • Coal to be taxed at 5 percent against current 11.69 per cent. This will prove beneficial for the power sector and heavy industries which rely on coal supply. This will also help curb inflation. Expect a good run for Coal India tomorrow.
  • Toothpaste, hair oil, and soaps will all be taxed at 18 percent, where currently they are taxed at 28 percent. Most of the cosmetics and fast moving consumer goods (FMCG) brands should get the benefit of this tax reduction. After all, Fair and Lovely might seem fairer in its pricing from now on!
  • The ‘mithai’ from the neighbouring sweet shop might lose some of its flavour as Indian sweets will now be taxable at 5 per cent. If you have a sweet tooth, this could hurt your pocket a wee bit in the coming days.

Plus, it was announced that:

  • for restaurants serving alcohol, the tax bracket will be 18 per cent
  • education, healthcare are going to be exempted from GST
  • services on Non-AC restaurants will be 12 per cent

Simplify Your GST Filing & Invoicing

 

If you want to know more about the GST rates, please check the below table.

Chapter 1 Live Animals, Bovine & Poultry
Chapter 2 Meat & Edible Offal of Animals
Chapter 3 Fish Meat & Fillets
Chapter 4 Eggs, Honey & Milk Products
Chapter 5 Non Edible Animal Products
Chapter 6 Live Trees & Plants
Chapter 7 Vegetables
Chapter 8 Fruits & Dry Fruits
Chapter 9 Tea, Coffee & Spices
Chapter 10 Edible Grains
Chapter 11 Milling Industry Products
Chapter 12 Oil Seeds, Fruit & Part of Plants
Chapter 13 Gums, Resins, Vegetable SAP & Extracts
Chapter 14 Vegetable Material & Products
Chapter 15 Fats, Oils & Waxes their Fractions
Chapter 16 Preserved/Prepared Food Items
Chapter 17 Sugar, Jaggery, Honey & bubble Gums
Chapter 18 Chocolate & Cocoa Products
Chapter 19 Pizza, Cake, Bread, Pasta & Waffles
Chapter 20 Edible Plants – Fruits, Nuts & Juices
Chapter 21 Tea & Coffee Extract & Essence
Chapter 22 Water – Mineral & Aerated
Chapter 23 Flours, Meals & Pellets
Chapter 24 Tobacco, Stemmed & Stripped
Chapter 25 Salts & Sands
Chapter 26 Mineral Ores & Slags
Chapter 27 Fossil Fuels – Coal & Petroleum
Chapter 28 Gases & Non Metals
Chapter 29 Hydrocarbons – Cyclic & Acyclic
Chapter 30 Drugs & Pharmaceuticals
Chapter 31 Fertilisers
Chapter 32 Tanning & Colouring Products
Chapter 33 Essential Oils, Beauty Products
Chapter 34 Soaps, Waxes, Polish products
Chapter 35 Casein, Albumin, Gelatin, Enzymes
Chapter 36 Propellants, Explosives, Fuses, Fireworks
Chapter 37 Photographic & Cinematographic Films
Chapter 38 Insecticides, Artificial Carbon & Graphite
Chapter 39 Polymers, Polyethylene, Cellulose
Chapter 40 Rubber, Plates, Belt, Condesnsed Milk
Chapter 41 Raw hides & Skins, Leather
Chapter 42 Trunks, Suit-cases, Vanity cases
Chapter 43 Raw Fur Skins, Articles of apparel
Chapter 44 Fuel wood, Wood Charcoal
Chapter 45 Natural Cork, Shuttlecock Cork
Chapter 46 Plaiting Materials, Basketwork
Chapter 47 Mechanical & Chemical woodpulp
Chapter 48 Newsprint, Uncoated paper & paperboard
Chapter 49 Printed Books, Brochures, Newspapers
Chapter 50 Silk Worm Coccon, Yarn, Waste & Woven Fabrics
Chapter 51 Wool materials & Waste, Animal Hairs
Chapter 52 Cotton materials, Synthetics & Woven fabrics
Chapter 53 Flex raw, Vegetable materials & Paper yarn
Chapter 54 Synthetic felaments, Woven fabrics & Rayons
Chapter 55 Synthetic felament tows & Polyster staple fiber
Chapter 56 Towels, Napkins, ropes & Netting materials
Chapter 57 Carpets & Floor coverings textile Handlooms
Chapter 58 Labels, Bades, Woven pile & Chennile, Terry towelings
Chapter 59 Rubberised textile fabrics, Convayer belts
Chapter 60 Pile,Wrap Knit,Tarry & Croched fabrics
Chapter 61 Men & Women Clothing
Chapter 62 Men & Women Jackets, Coats & Garments
Chapter 63 Blankets & Bedsheets
Chapter 64 Shoes & Footwear Products
Chapter 65 Hats & Accessories
Chapter 66 Umbrellas & Accessories
Chapter 67 Artificial flowers, Wigs & False Beards
Chapter 68 Monumental & Building Stones
Chapter 69 Bricks, Blocks & Ceramics
Chapter 70 Glasses, Mirrors, Flasks
Chapter 71 Pearls, Diamonds, Gold, Platinum
Chapter 72 Iron, Alloys, Scrap & Granules
Chapter 73 Iron tube, piles & Sheets
Chapter 74 Copper Mattes, Rods, Bars, Wires, Plates
Chapter 75 Nickel Mattes & Unwrought Nickel
Chapter 76 Unwrought Aluminium- Rods, Sheets & Profiles
Chapter 78 Unwrought Lead – Rods, Sheets & Profiles
Chapter 79 Unwrought Zinc – Rods, Sheets & Profiles
Chapter 80 Unwrought Tin – Rods, Sheets & Profiles
Chapter 81 Magnesium, Cobalt, Tungsten Articles
Chapter 82 Hand Tools & Cutlery
Chapter 83 Locks, Metal Mountings & Fittings
Chapter 84 Industrial Machinery
Chapter 85 Electrical Parts & Electronics
Chapter 86 Railway Locomotives & Parts
Chapter 87 Tractors & Motor Vehicles
Chapter 88 Balloons, Parachutes & Airlift Gear
Chapter 89 Cruise Ships & Boats
Chapter 90 Medical, Chemical & Astronomy
Chapter 91 Watches & Clocks
Chapter 92 Musical Instruments
Chapter 93 Military Weapons & firearms
Chapter 94 Furniture, Bedding & lighting
Chapter 95 Children Toys, Table & Board Games & Sports Goods
Chapter 96 Pencil Lighter Toiletries
Chapter 97 Paintings Decoratives Sculptures
Chapter 98 Machinery Lab Chemicals Drugs Medicines

Source :https://cleartax.in/s/gst-rates/

 

List of President of India..(भारत के राष्ट्रपति काल क्रमानुसार)

Trick: – ” राजु की राधा जाकर गीरी फकरुद्दीन रेड्डी की जेल मे तब राम शंकर नारायण कि कलम से प्रतिभा निकली प्रणव की”

  • राजु — राजेन्द्र प्रसाद
  • राधा — एस. राधाकृष्णन
  • जाकिर — जाकिर हुसैन
  • गीरी– वी वी गीरी
  • फकरुद्दीन — फकरुद्दीन अली अहमद
  • रेड्डी — निलम संजीवा रेड्डी
  • जेल — ज्ञानी जैल सिंह
  • राम — रामकृष्ण वेंकटरमन
  • शंकर — शंकर दयाल शर्मा
  • नारायण — के आर नारायण
  • कलम — ए पी जे अब्दुल कलाम
  • प्रतिभा –प्रतिभा देवी पाटिल
  • प्रणव — प्रणव मुखर्जी

नोट — जस्टिस ऍम हिदायातुल्ला दो बार भारत के राष्ट्रपति बने और बिडी जाट्टी एक बार।