In India, the GST (Goods and Service Tax) rate is fixed for all products and is divided into five tax rate slabs: 0%, 5%, 12%, 18%, and 28%. Toys and sporting items are subject to a GST rate of 12%, 18%, or 28%. Let’s take a closer look at the GST on toys and sports equipment. Before going towards the tax rate on toys and sports goods let’s have a quick look at what is GST, and Why it is Important.
The Goods and Services Tax (GST) is a tax imposed on goods and services. It is an indirect tax that has mostly superseded many other indirect taxes in India, such as VAT, services tax, and excise duty. The Goods and Service Tax Act was passed by Parliament on March 29, 2017, and into effect on July 1, 2017. In India, the Goods and Services Tax (GST) is a multi-stage, destination-based tax that is levied on every value addition. GST (Goods and Services Tax) is a single domestic indirect tax law that applies to the entire country.
The Goods and Services Tax (GST) establishes accountability and uniformity in the taxation of goods and services. Small traders will benefit from the implementation of the tax rate when it comes to ITC (Input Tax Credit). I hope that this blog provides you with all of the necessary information related to GST on toys and sporting goods.
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