In GST, petroleum products like petroleum crude, motor spirit, natural gas, Aviation turbine Fuel, are temporarily out of the ambit of GST. There are 0%, 3%, 5%, 12%, 18% and 28% tax rates in GST. In GST, tax is payable on advances also. It means if we gave any amount in advance the GST will be levied on it.If goods or services purchased from unregistered dealer then GST is to be paid by Reverse charge Mechanism.GST is based on supply. At the time of supply, GST will be levied.Small taxpayers whose aggregate turnover in a financial year is less than Rs. 75 Lakh can opt for composition scheme.As per the provisions of composition scheme, manufacturer will have to pay 2% CGST and SGST. Retailer will have to pay 1% CGST and SGST and hoteliers will have to pay 5% CGST and SGST.
Registered taxable person will get ITC of tax paid on Input goods, input services and capital goods.In GST, ITC of food and beverages, immovable property, passenger vehicle, goods of personal use, works contract etc. not available.For goods HSN Codes and for services SAC Codes are used in GST. Tax rates of goods and services are decided using these codes.Every taxpayer should check tax rates of goods and services according to the schedule and notifications otherwise taxpayer will have to face consequences.At the time of supply of goods or services the supplier have to give tax invoice to the recipient. The tax invoice shall contain all the information which is necessary as per law. If the aggregate turnover of taxpayer is less than Rs. 1.5 Crore then there is no need to mention HSN code of goods on invoice. If the turnover is more than Rs. 1.5 Crore but less than Rs. 5 Crore then it is necessary to mention two digits HSN code on the Invoice. If the turnover is Rs. 5 Crore or more then mention four digits HSN code on the invoice. If the goods are exported then mention eight digits HSN code on that Invoice.