Sage-Tips

How many years will GST be completed by 2022?

Under the GST law, states are compensated for any loss of revenue arising on account of implementation of GST for five years till June 2022. The compensation amount to be paid from the compensation fund which is arrived at by levying cess on top of the highest tax slab on luxury, demerit and sin goods.

When did GST stop?

2018
The tax was unpopular. It was reduced to 0\% on 1 June 2018. The then Government of Malaysia tabled the first reading of the Bill to repeal GST in Parliament on 31 July 2018 (Dewan Rakyat). GST was replaced with the Sales Tax and Service Tax starting 1st September 2018.

When new GST rates will be applicable?

38th GST Council meeting was held on 18 December 2019, Wednesday at New Delhi. Read all the highlights on 38th GST Council Meeting. GST rate changes will apply from 1 March 2020 for lottery and from 1 January 2020 for bags and sacks.

What has GST replaced?

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

Which of the tax is abolished by GST?

Service Tax
The correct answer is Service Tax. Goods and Service Tax (GST) has abolished the following taxes: Central Excise duty. Duties of Excise.

What are new GST rules?

The time limit for completing any GST compliance, except a few notified, falls between 15th April 2021 and 29th June 2021 has been extended to 30th June 2021. A new GST amnesty scheme has been introduced to rationalise late fees for delay in filing of GSTR-3B return.

What is the GST rate in 2021?

In India GST rate for various goods and services is divided into four slabs: they are 5\% GST, 12\% GST, 18\% GST, & 28\% GST….Revision of GST Rates announced in the 37th GST Council Meeting.

Goods or commodities	New rate	Old rate
Hotels with Room Tariff of Rs.7501 and above	18\%	28\%