Question

Under GST, which of the following goods or items are exempted, or NIL tax rate or 0% is charged?

1. Newspapers

2. Kumkum and Bindi

3. Processed Fruit and vegetables

4. Silkworm and khadi yarn

5. Spacecraft

1. 1, 3 and 4
2. 1, 2, 3 and 4
3. 1, 2, 4 and 5
4. All the above

Answer 1

Correct Answer - Option 3 : 1, 2, 4 and 5

The correct answer is 1, 2, 4, and 5.

• With the declaration of GST rates of fruits and vegetables, fresh and unprocessed fruits and vegetables have been exempted.
• However higher rates of 5%, 12%, 18% have been introduced for dry fruits and preparation from fruits and vegetables which were taxed at the rate of 5%.
• Goods and Service Tax(GST)
  • ​GST is an indirect tax used in India on the supply of goods and services.
  • It is a destination-based tax.
  • It is a single tax on the supply of goods and services, right from the manufacturer to the end consumer.
  • Goods and Service Tax(GST) was implemented in India on 1 July 2017 by Finance Minister Arun Jaitley.
  • Goods and services are divided into five different tax slabs for collection of tax- 0%, 5%, 12%, 18%, 28%.
  • It subsumed Indirect taxes that were levied on the sale of goods or provision of services by either Central or State governments.
  • GST Council is the governing body of GST having 33 numbers.
  • The council is headed by the union finance minister Nirmala Sitharaman assisted by the finance minister of all the states of India.