Goods and Services Tax (GST) is a unified tax system that replaced various indirect taxes in India. GST is applicable on all goods and services, but there are some exemptions and special rates for certain goods or services. Let's take a closer look at the exemptions and special rates under GST.
Exemptions under GST
Gold: A special rate of 3% GST is applicable on gold, gold jewelry, and other articles made of gold.
Real Estate: A special rate of 1% or 5% GST is applicable on real estate, depending on the type of property and the construction stage.
Hotels and Restaurants: A special rate of 5% GST is applicable on hotels and restaurants that have a room tariff of less than Rs. 7,500 per day.
Movie Tickets: A special rate of 18% or 28% GST is applicable on movie tickets, depending on the ticket price and the state in which the movie is being screened.
Textile Industry: A special rate of 5% GST is applicable on textile industry products such as cotton, silk, jute, and woolen fabrics.
It's important to note that the exemptions and special rates under GST may vary from state to state and can change from time to time. Therefore, it's advisable to stay updated with the latest GST regulations and consult with a tax expert to understand the applicable rates for your business.
In conclusion, there are some exemptions and special rates for certain goods or services under GST in India. While some goods or services are exempt from GST, others have a special rate of GST applicable to them. It's important for business owners to understand the applicable rates for their business and comply with the GST regulations to avoid penalties and legal complications.
Related Services:
More Services:
Comments