GST Council Announces GST Rates (Download PDF)

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The good and services Tax (GST) fixed the GST rates for specific products. The council has fixed the rates of 1211 items most of which will likely become cheaper. It will decide rates of some other items and services in the coming days.

Image of the good and services Tax(GST)

Image of the Good and Services Tax (GST)

Image of the good and services Tax (GST)

Highlights:

  • Four tax rates would apply to services, including

    • Telecoms
    • Hotels
    • Restaurants
    • Insurance
  • The tax rate on gold remains to be fixed
  • Out of 1211 items,

    • 81 % of the items will attract tax of 18 % or less.
    • 19 % of items will attract a highest rate of 28%
  • Household items like Sugar, Tea, Coffee and edible oil will attract 5 % levy. Cereals and milk will be exempted from the tax.
  • Manufactured goods will attract 18 % levy.
  • Luxury cars will attract 28 % GST in addition to a cess of 15%.
  • Small petrol cars will attract 28 % GST plus a 1 % cess, and diesel cars will be taxed at 28 % plus 3 % cess.
  • Capital goods, a key asset for the manufacturing sector, will be taxed at 28%. Aerated drinks will fall under the 28 % tax bracket.
Graph showing the rate of taxation

Graph Showing the Rate of Taxation

Graph showing the rate of taxation

GST Rates Structure

Table Contant shows About GST Rates Structure

Table Contant shows About GST Rates Structure

Tax Rates

Products

5%

Edible oil, sugar, spices, tea, coffee (except instant)

Coal (instead of current 11.69%)

Mishti/Mithai (Indian Sweets)

Life-saving drugs

12%

Computers, Processed food

18%

Hair oil, toothpaste and soaps (currently at 28%)

Capital goods and industrial intermediaries (big boost to local industries)

28%

Small cars (+1 % or 3 % cess)

Consumer durables such as AC and fridge

Luxury & sin items like BMWs, cigarettes and aerated drinks (+15 % cess)

High-end motorcycles (+15 % cess)

Image of the product cost less and more

Image of the Product Cost Less and More

Image of the product cost less and more

GST

  • Goods and Services Tax (GST) is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax
  • It was introduced as The Constitution (One Hundred and First Amendment) Act 2016
  • The following taxes will be bound together by the GST:
Image of the taxes will be bound together by the GST

Image of the Taxes Will Be Bound Together by the GST

Image of the taxes will be bound together by the GST

Process of GST

Image show process of GST

Image Show Process of GST

Image show process of GST

- Published/Last Modified on: May 26, 2017

Economy

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