Gst On Branded Clothes?

What is the GST on luxury items?

The introduction of Goods and Services Tax (GST) by the government has put “luxury items” in the highest tax bracket at 28%.

What is GST on textiles?

On an average, we can say that the items used by the textile industry such as machinery and chemical agents have been taxed at around 20% throughout the country. After GST, the average tax rate will be lowered to around 18%.

Is there any GST on clothes?

GST Rate for Garment, Apparel and Clothing Under both categories, any piece of apparel or clothing would be taxed at 5% GST if the taxable value of the goods does not exceed Rs. 1000 per piece. As per schedule II of Chapter 62, all types of apparel and clothing of sale value exceeding Rs. 1000 shall attract 12% of GST.

On which amount GST is calculated?

GST calculation can be explained by simple illustration: If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180.

On which products GST is not applicable?

Fresh fruits, Fresh milk, Curd, Bread, etc. Exports and Supplies made to SEZ or SEZ Developers, of both goods and services. Grains, salt, Jaggery, etc. Alcohol used for human consumption, Natural gas, Petrol and its products, electricity, etc.

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What are the 4 slabs of GST?

The government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18% and 28%. After the recent revision of GST rates, these are the commodities that fall under the four tax slabs along with those that do not attract any tax.

Is GST charged on alcohol?

Currently, alcohol for human consumption or potable alcohol is out of the ambit of GST and states are free to levy taxes on them. However, industrial alcohol is within the Goods and Services Tax (GST).

How do I find my HSN code?

For example, if you are selling fresh bananas, you can find your HSN code under Section 02: Vegetable Products, Chapter 08: Edible fruits and nuts; peel of citrus fruits or melons, Heading 03: Bananas including Plantains, Subheading 9010: Bananas, fresh. Your HSN code will be 0803.

Can I add more than 5 HSN code in GST?

For including new goods and services in the GST registration, you need to type the relevant HSN codes inside the HSN codes field provided just below the Non-Core Fields. You have to tap on it, and the relevant goods type will be added. Note:- This way you can include up to 5 goods only on your GST registration.

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