What is the GST rate on the supply of goods that are considered essential?
Practice Questions
1 question
Q1
What is the GST rate on the supply of goods that are considered essential?
0%
5%
12%
18%
Essential goods are typically taxed at a GST rate of 0%.
Questions & Step-by-step Solutions
1 item
Q
Q: What is the GST rate on the supply of goods that are considered essential?
Solution: Essential goods are typically taxed at a GST rate of 0%.
Steps: 4
Step 1: Understand what GST means. GST stands for Goods and Services Tax, which is a tax applied to the sale of goods and services.
Step 2: Identify what essential goods are. Essential goods are items that are necessary for basic living, like food, medicine, and hygiene products.
Step 3: Learn about the GST rate for essential goods. In many places, essential goods are taxed at a lower rate to make them more affordable.
Step 4: Find out the specific GST rate for essential goods. Typically, essential goods are taxed at a GST rate of 0%, meaning no tax is added to their price.
