GST tax rate

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GST tax rate
GST is one indirect tax for the whole nation,
which will make India one unified common market.
GST tax is a single tax on the supply of goods
and services, right from the manufacturer to the
consumer. Credits of input taxes paid at each
stage will be available in the subsequent stage
of value addition, which makes GST essentially a
tax only on value addition at each stage. The
final consumer will thus bear only the GST
charged by the last dealer in the supply chain,
with set-off benefits at all the previous stages.
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Financial Services
Financial services are the economic services
provided by the finance industry, which
encompasses a broad range of businesses that
manage money, including credit unions, banks,
credit-card companies, insurance companies
India has a diversified financial sector
undergoing rapid expansion, both in terms of
strong growth of existing financial services
firms and new entities entering the market. The
sector comprises commercial banks, insurance
companies, non-banking financial companies,
co-operatives, pension funds, mutual funds and
other smaller financial entities.
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Service Tax
Service tax is a tax levied by the government on
service providers on certain service
transactions, but is actually borne by the
customers.
When we use any service be it a phone bill
payment or Hire a room in a hotel we have to pay
out little more than the actual rates charged.
Ever wondered why? The reason is very meek, we
are made to pay service tax over and above the
usual charge but the bigger question is What is
Service Tax. So Service Tax is a tax which is
payable on services provided by the service
provider. Just like Excise duty is payable on
goods which are manufactured, similarly Service
Tax is payable on Services provided.
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Goods And Services Tax
In a full non-GST system, there is a cascading
burden of tax on tax, as there are no set-offs
for taxes paid on inputs or on previous purchases.
Once GST Tax comes into effect, all central- and
state-level taxes and levies on all goods and
services will be subsumed within an integrated
tax having two components a central GST and a
state GST.
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Implications of GST
GST will have a far reaching impact on almost all
the aspects of the business operations in the
country, for instance, pricing of products and
services supply chain optimization IT,
accounting and tax compliance systems.
Implications of GST will be a game changing
reform for Indian economy by developing a common
Indian market and reducing the cascading effect
of tax on the cost of goods and services. The
final consumer will thus bear only the GST
charged by the last dealer in the supply chain,
with set-off benefits at all the previous stages.
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GST Impact
GST will turn India into one common market,
leading to greater ease of doing business and big
savings in logistics costs from companies across
all sectors. Some companies will gain more as the
GST rate will be lower than the current tax rates
they pay, others will lose as the rate will be
higher than the present effective rate. While the
rate of GST is yet to be decided, industry
observers have assumed an 18 rate recommended by
a government panel in making their impact
calculations. 
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GST Registration
Find out who is required to register for GST and
learn about special types of registration. You
need to GST Registration if you carry out a
taxable activity. As a business owner, it's your
responsibility to register for GST.
Any person with taxable supply turn over 25 lakhs
would be required for registered GST in India.
The term person under GST law include
proprietorship, Partnership firm, Hindu Undivided
family, company, LLP, society and any other legal
entity.
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