GST stands for Goods and Services Tax. It is an indirect tax system announced by the government of India.GST combines of most of the existing indirect taxes such as VAT, Service Tax etc.The GST bill was passed in the Lok Sabha in 2017.
Central Government CG SD is charged. At the same time, SG SD State will be charged by the state. In the case of a state’s sales transactions case, IG. SD will be collected by the federal government. This applies to a common indirect tax code in India and it will be helpful for business and consumers.
Eating in hotels and restaurants today (15 November) prices and service tax council reduced by 5 to 12 percent to 18 percent. It’s eating at restaurants or buying cargoes, line 5 that is 5 percent. However, there is no formal declaration from the government.
A 5 percent tax in a uniform is recommended for all restaurants, air conditioning and non-AC. Union Finance Minister Arun Jaitley said that the Income Tax Credit (ITC), including restaurants, should be given to customers.
At present, 12% of GST food auction is imposed on non-AC restaurants and 18% air conditioners. All this is a facility to set up taxes on input tax and paying taxes on final taxes. However, the restaurants, however, do not pass on the Consumer Income Tax Credit (ITC), so the ITC facility is withdrawn and a 5 per cent tax is levied on all restaurants without AC or non-AC difference.
Rs. 7,500 or more room charges are charged at 18% GST for star hotels, but IDC is permitted. In hotels, 7,500 rupees will be charged at 5% GST for those restaurants, but IDC will not be available.GST Software
The tax rate on six items has been reduced from 18 percent to 5 percent, 8 items from 12 percent to 5 percent, and 5 percent on six products from Nil.