BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the tax rate on essential items like salt, unpacked food grains?
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0%
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1%
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2%
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3%
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Explanation:
Detailed explanation-1: -Explained: 5% GST on pre-packaged items of up to 25 Kg.
Detailed explanation-2: -The GST rate for rice, wheat, barley and other cereals is 18%.
Detailed explanation-3: -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-4: -As per GST Law, there is no GST payable on Salt, all types. So the rate of GST payable on Salt, all types is nil rate.
Detailed explanation-5: -Example: Fresh milk, Fresh fruits, Curd, Bread etc. Exports Supplies made to SEZ or SEZ Developers. Supplies that have a declared rate of 0% GST. Example: Salt, grains, jaggery etc.
There is 1 question to complete.