Goods and Services Tax (GST) is an indirect tax or consumption tax charged in India on the supply of goods and services.
GST council has fixed different GST rates for different products and service in 2017 under the GST regime. These are divided into five tax slabs for collection of tax – 0%, 5%, 12%,18% and 28%.
There are about 5,000 commodity groups, each identified by a six-digit HSN code, arranged in a lawful and logical way to classify goods from all over the World in a well-defined and uniform manner.
