BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Household items like sugar, tea, coffee and edible oil will attract the tax rate of ____ percent
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28%
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5%
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18%
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12%
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Explanation:
Detailed explanation-1: -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.
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.
There is 1 question to complete.