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Currently, what is the highest percentage slab for the new tax system called Goods and Service Tax (Goods and Services Tax (GST))?

Currently, what is the highest percentage slab for the new tax system called Goods and Service Tax (Goods and Services Tax (GST))? Correct Answer 28%

The correct answer is 28%.

  • Currently, 28% is the highest percentage slab for the new tax system called Goods and Service Tax.
  • Nearly all goods and services under the purview of GST have been divided into four GST rates – 5%, 12%, 18%, and 28%. 
  • Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services.
  • However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.

Additional Information

  • 101st Amendment Act is about Goods and Service Tax.
  • The government proposes to introduce GST with effect from 1st July 2017.

Related Questions

Goods and Services Tax (GST) was introduced as a part of indirect tax reforms in India. Which of the following are the salient features of the GST? 1. GST is applicable on the manufacture of goods or on sale of goods or on the provision of services. 2. GST is applicable to the supply of goods or services. 3. GST is based on the principle of destination-based consumption taxation. 4. GST is levied at rates decided by GST Council. Select the correct answer using the code given below:
In the following question, sentences of a paragraph have been jumbled and labeled as A, B, C, and D. You are required to rearrange the jumbled sentences in the right order to form a meaningful and coherent paragraph and mark your response accordingly by selecting the correct option. A. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. B. The concept of GST is that it is an “Indirect Tax”, ie, this tax is not directly paid by customers to the government, but is rather levied on the manufacturer or seller goods and the providers of services. C. GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. D. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer.
The following sentences form a paragraph. They are numbered a P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in a correct order. P. Also, the customers will have funds to spend because of lower tax rates.  Q. The Goods and Services Tax (GST) is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. R. It will substitute most other indirect taxes and synchronize the differential tax rates on mass-produced goods and services. S. The government of India claims that GST will enhance Indian GDP by 2%.
In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market
Goods and Services Tax (GST) is an indirect tax introduced in India in 2017 that is imposed on the supply of goods and services, and it subsumes all indirect taxes except few. It is a destination-based tax imposed on goods and services used, and it is not imposed at the point of origin from where goods come. GST also has a few components specific to state governments, central government and Union Territories (UTs). Which one of the following statements can be inferred from the given passage?
Currently, what is the highest percentage slab for the new tax regime called Goods and Services Tax (GST)?
In the following question, two statements are given each followed by two conclusions I and II. You have to consider the statements to be true even ifthey seem to be at variance from commonly known facts. You have to decide which of the given conclusions, if any, follows from the given statements. Statement: (I) In the GST Model in India, it would be dual tax (GST) with the center and states simultaneously levying tax on a common base tax.
(II) The central and state GST would be levied on every transaction of supply of goods and services simultaneously. Conclusions:
(I) This new tax regime would benefit common man of country.
(II) There would be more clarity on state and central component.
An article is available with GST and without GST and GST is 10% of marked price. When article is purchased with GST, 20% discount is given on total amount after GST while only 10% discount on marked price is given when purchased without GST. If difference between selling price in both the scheme is Rs. 30, the what is the marked price of article?
In counterfort type retaining walls
i) the vertical slab is designed as a continuous slab
ii) the heel slab is designed as a continuous slab
iii) the vertical slab is designed as a cantilever
iv) the heel slab is designed as a cantilever
The correct answer is
Consider the following statements about the use of behavioral parameters by GSTN to enhance voluntary compliance with reference to GST (Goods and Service Tax) 1. The GST rules provide for the electronic generation of e-way bill for transportation of goods above a certain threshold of value of the goods being transported. 2. Return filing status of a GSTIN is visible in the public domain on the GST portal. Which of the statements given above is/are correct?