2022
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
8%
|
|
|
12%
|
|
|
5%
|
|
|
7%
|
Detailed explanation-1: -Pre-packed, labelled food items of less than 25 kg/litre to attract 5% GST.
Detailed explanation-2: -47th GST Council meeting held on 28th & 29th June 2022 comes with a new proposal which says GST will be applicable on pre-packed and Labeled Pack of Food Items at the rate of 5% from 18th July 2022. The same has been notified through Notification No. 06/2022-CT (Rate) dated 13th July 2022.
Detailed explanation-3: -GST applies when such goods are sold in pre- packaged and labelled packs. Therefore, GST would apply when prepackaged and labelled package is sold by a distributor/ manufacturer to such retailer.
Detailed explanation-4: -Under GST, restaurants fall under the 5% GST rate, with no option to claim input tax credit (ITC) or the 18% GST rate, with ITC claims.
Detailed explanation-5: -5% GST is levied on imported equipment or goods categorised in the concessional 5% GST rate category for petroleum operations, and 12% GST applies if the general GST rate is higher than 12%.