Goods and Service Tax (GST)
is an indirect tax applicable on throughout India which replaced multiple cascading taxes levied by the central and state governments. In the current system, the tax is levied at each stage separately by the Central government and the States at varying rates on the full value of the goods. But under the GST system, the tax will be levied only on the value added at each stage. It is a single tax (collected at multiple points) with a full set-off for taxes paid earlier in the value chain.The tax slabs under GST are following:
5%, 12%, 18% and 28%.
Floor, Milk Some essential product has placed in a tax-free category.
There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.
As per the taxation meetings held under the GST Law 2017 by the finance ministry of India. According to the latest updates, the petroleum products are totally out of consideration in terms of the applicability of VAT and other taxes. So Petrol, Diesel, and Liquor are placed out of GST.
provides you a software for Billing. Because Modern Bill is an ERP software for Billing for All Small and large businesses. It is very easy to operate because there in no need of technical language.