So finally, we all witnessed that landmark day when Goods and Services Tax(GST) was successfully launched. And, soon its implementation, the Council has also announced the GST rate list of different products and services. '
Talking about the list, there are four different GST tax slabs of 5%, 12%, 18% and 28% respectively which will be levied on various products as well as services.
However, one thing that needs to be mentioned here is the fact that government has kept many household products under the tax bracket of 15% and 18%, making them affordable for many. In fact, there are few products which will remain unaffected, hence are kept under 0% rate.
Talking about the services, most of them can take a toll on your pocket as the tariffs/prices of the same have increased. Yes, when it comes to five-star hotels, racing, movie ticket and betting on casinos, these services will feature a taxation of 28%. While on the other hand, there are some sectors such as education and healthcare which are exempted from the tax regime and will continue to remain unaffected. So, all in all, if experts are to be believed, this indirect tax regime has a mixed response and the major impact of the same on different sectors will be visible in the upcoming few years.
For your reference, below is the GST rate list of products and services with you, fitting into different tax slabs.
No Tax
Products: Milk, fruits, vegetables, bread, salt, bindi, curd, sindoor, natural honey, bangles, handloom, besan, flour, eggs, stamps, printed books, judicial papers, and newspapers.
Services: All hotels and lodges who carry a tariff below ₹ 1,000 are exempted from taxes.
5% Tax Slab
Products: Sugar,Tea, Skimmed milk, Milk food for babies, Edible oils, Roasted coffee beans, Packed paneer, Frozen vegetables, Cashew nuts, Spices, Pizza bread, Rusk, Sabudana, Fish fillet, Packaged food items, Fertilizers, Footwear upto ₹500, Apparels upto₹1,000, Agarbatti, Domestic LPG, Floor covering, Coir mats, Matting, Insulin, Medicines, Stent, Braille watches, Braille typewriters, Braille paper, Hearing aids, Postage stamps,Revenue stamps, First day covers, Stamp-postmarks.
Services: Transport services like railways and airways, Transport of passengers by air in economy class, Supply of tour operators’ services,Selling of space for advertisement in print media,Small restaurants with a turnover of ₹50 Lakhs,Transport of passengers by motor cabs and radio taxis.
12% Tax Slab
Products: Ghee, Butter,Fruit juice,Almonds,Packed coconut water,Preparations of vegetables, Fruits, Nuts, Pickle, Murabba,Chutney,Jam,Jelly,Namkeen,Bhujia,Frozen meat products, Packaged dry fruits,Animal fat sausage,Non-AC restaurants,State-run lotteries,Exercise books,Notebooks,Work contracts, Apparel above ₹1000,Tooth powder,Spoons,Umbrella,Cake servers,Sewing machine, Ladles,Forks,Tongs,Skimmers,Fish knives, Mobile,Diagnostic kits & reagents,Ayurvedic medicines,Glasses for corrective spectacles and flint buttons,Playing cards,Ludo,Carom board,Chess board.
Services: Business class air tickets,Hotels, inns, guest houses, which have a room tariff of ₹1,000 and above but less than ₹2,500 per room per night.
18% Tax Slab
Products: Biscuits, Flavoured refined sugar, Cakes,Pastries, Preserved vegetables, Soups, Ice cream, Pasta, Instant food mixes, Corn flakes, Curry paste, Mayonnaise, Salad dressings,Mixed condiments, Mixed seasonings, Branded garments,Footwear priced above ₹500,Headgear,Soap,Hairoil, toothpaste,tampons,toiletries,kajal pencil sticks,tissues,computers,printed,circuits ,printers,monitors,camera,speakers, CCTV,Electrical transformer,Optical fiber,Bidi Patta,Mineral water,Tissues,Envelopes,Steel products,Weighing machinery (non-electrical or electronic),Aluminium foil Furniture,Bamboo,Padding pools Swimming pools.
Services: AC hotels which serve liquor to customers,Hotels, inns, guest houses, which have a room tariff of ₹2,500 and above but less than ₹5,000 per room per night,
IT services, Telecom services.
28% Tax Slab
Products: Chewing gum Molasses, Chocolates devoid of cocoa,Waffles and wafers coated with chocolate, Deodorants,Shaving creams, After shave, Shavers, Hair shampoo Sunscreen, Dye, Hair clippers,Ceramic tiles, Paint, Wallpaper, Washing machine, Water heater,Vacuum cleaner, Dishwasher, Automobiles Motorcycles, Aircraft for personal use,
Pan masala, Bidis,Weighing machine ATM,Vending machines, Aerated water.
Services: Race club betting & gambling, Five-star Hotels, Entertainment & Cinema
Hotels, inns, guest houses, which have a room tariff of ₹5,000 and above per room per night.
No comments:
Post a Comment