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Friday, 19 May 2017

Everything you need to know about GST rates declared so far


On day one The Goods and Services Tax (GST) meeting in Srinagar has caught the attention of the market given its implications on earnings of companies. The government has kept a large number of items under 18% tax slab.
The nine rules finalized by the council pertain to composition, valuation, transition, input tax credit, invoice, payment, refund, registration and return. The government categorised 1211 items under various tax slabs. Here is a lowdown on the tax slab these items would attract-:

No tax
No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, buttermilk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, salt, stamps, judicial papers, printed books, newspapers, bangles, handloom etc.

5%
Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 %.

12%
Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, namkeen, Ayurvedic medicines, tooth powder, colouring books, picture books, umbrella, sewing machine, and cellphones will be under 12 % tax slab.

18%
Most items are under this tax slab which includes flavored refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, notebooks, steel products, printed circuits, camera, speakers and monitors.

28%
Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, automobiles, motorcycles, aircraft for personal use, and yachts will attract 28 % tax the highest under GST system.

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