If you have started earning, you must be giving tax to the government as well. So what is slab rate? The tax that gets levied on the range of income earned is called as Tax Slabs and these slabs get modified every year. During the Union Budget, the Finance Minister announces the slab rates of Income Tax each year.
What are the GST slab rates?GST stands for Goods and Services Tax and in India, the tax on goods and services are divided into 4 slabs which are:
5% GST
12% GST
18% GST
28%GST
There are 4 types of GST as well which are as follows:
Integrated Goods and Services Tax (IGST)
State Goods and Services Tax (SGST)
Central Goods and Services Tax (CGST)
Union Territory Goods and Services Tax (UTGST)
GST tax gets increased quite frequently and the rate has now increased from 15% to 18% now.
How is the GST Slab Rate Calculated? The formula for GST calculation:Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.
Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.
If you have any legal queries or want to know about the GST rates regarding Real Estate area, feel free to visit NoBroker anytime and choose the desired options.
I hope now you know everything about what is slab rate.
Read More:
How Do I Avoid GST On Rental Income?
What Is The Maximum Rate Prescribed Under CGST Act?
Can CGST be Adjusted Against SGST?
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What Is Slab Rate?
Avantika
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3 Year
2022-04-16T14:50:43+00:00 2022-05-04T11:54:58+00:00Comment
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