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Single rate in GST

Keerthan (articleship) (161 Points)

17 August 2016

Dear all!

I want to know whether GST Rate will be Single rate for everyone or It will be in Slabs.

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3 Replies

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 18 August 2016

as for as the updates are concerned there will be two rates on intra state which are CGST and SGST, and taxes on interstate will be IGST,

till now no exact rates are notified for example i will tell you as

interstate CGST and SGST is 10& 10 total 20%

and IGST will be 20%

CA Anurag Sharma (CA ) (16780 Points)
Replied 18 August 2016

I dont think single rate is possible ...CGST AND SGST will be there... like CA Srujaan kumar Reddy has said rates have not been fixed yet.. only act has been passed in the Parliament.. GST may be applicable from April 2018 ....

Sunil Kumar (Indirect Taxation ) (1246 Points)
Replied 18 August 2016

As per report of chief economic advisor the rate of the GST would be in four slabes:

merit rate, applicable on certain necessary items and goods of basic importance, a standard rate applicable on most of the items, a nil rate on certain goods and services and a special rate for precious metals.

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