BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -The GST was carefully crafted to keep both the burden of the common man and inflation rates in mind. The four-tier tax structure contains four separate rates: a zero rate, a lower rate, a standard rate, and a higher rate.
Detailed explanation-2: -The primary GST slabs for any regular taxpayers are presently pegged at 0% (nil-rated), 5%, 12%, 18% & 28%. There are a few lesser-used GST rates such as 3% and 0.25%. Also, the composition taxable persons must pay GST at lower or nominal rates such as 1.5% or 5% or 6% on their turnover.
Detailed explanation-3: -Adoption of four slabs tax rate structure of 5%, 12%, 18% and 28%.
Detailed explanation-4: -The dual GST model or the dual GST structure means levying tax with two different taxation components. In India, both the Central Goods and Service Tax (or CGST) and the State Goods and Service Tax (or SGST) are the components levied on a single transaction within a state due to its federal nature.