Now the Goods and Services Tax(GST) has finally been implemented on July 1, 2017, pushing forward the prices of every product & services on a new level. But it always remains a matter of concern to check which goods and services have been affected under GST regime.
Let's check out GST Tax Slab List which has rolled out on applicable items as under:
No Tax Rate
No Tax regime has been applied on your household items which are classified as follows:
- Unpackaged food grains
- fresh vegetables
- Unbranded atta/maida/besan
- Gur
- Milk
- Eggs
- Curd
- Lassi
- Unpacked paneer/natural honey
- Prasad
- Palmyra Jiggery
- Salt
- Kajal
- 'Phool-bhari jharoo'
- Children's drawing/colouring books
5% Tax Rate
Sugar, tea, roasted coffee beans, edible oils, skimmed milk powder, milk food for babies, packed paneer, cashew nuts, raisin, PDS (Public Distribution System) kerosene, domestic LPG, footwear up to ₹ 500, Apparel up to ₹1,000, agarbatti (incense sticks), coir mats, matting and floor covers come under 5 per cent tax rate.
12% Tax Rate
Butter, ghee, almonds, fruit juice, packed coconut water, preparations of vegetables, fruits, nuts or other parts of plants including pickle, murabba, chutney, jam, and jelly, umbrella and mobiles fall under 12 percent GST Tax rate category.
18% Tax Rate
Hair oil, toothpaste, soap, pasta, corn flakes, soups, ice cream, toiletries, computers, and printers come under 18 percent Tax rate
28% Tax Rate on Goods
The highest GST rate of 28% comes in the category of items such as chewing gum, molasses, chocolate not consisting of cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use.
GST Tax Slab for Services
5% Tax Rate
The services which fall under 5% tax rate are classified as follows:
- 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 Rate
The services which fall under 12 % tax rate are classified as follows:
- Business class air tickets
- Hotels, inns, guest houses, which have a room tariff of ₹1000 and above but less than ₹2500 per room per night
18% Tax Rate
The services which fall under 18 % tax rate are classified as follows:
- AC hotels which serve liquor to customers
- Hotels, inns, guest houses, which have a room tariff of ₹2500 and above but less than ₹.5000 per room per night
- IT services
- Telecom services
28% Tax Rate
The services which fall under 28 % tax rate are classified as follows:
- Race club betting & gambling
- Five-star Hotels
- Entertainment & Cinema
- Hotels, inns, guest houses, which have a room tariff of ₹ 5000 and above per room per night
GST Rates on Textiles
As per GST Council, 5% GST has been applied across the textile sector so accordingly the products and items used in the textile manufacturing process would follow the below mentioned taxation norms:
GST Tax rate at 12%
1. Wood articles: This comprises of all wood manufactured items such as clothes hangers, spools, cops, bobbins, sewing thread reels, and turned wood for textile machinery.
2. Final manufactured products involving wholly made of quilted or textile materials.
GST Tax rate at 18%
1. Textile Oil : Consisting of all textile oils other than those involving petrol, diesel, and ATF(Aviation Turbine Fluid).
2. Finishing agents: Consisting of all dye carriers, materials used to accelerate dyeing or fixing of dyestuffs, dressings, and mordants.
3. Machinery: This entails all machines for preparing textile fibres; spinning, doubling or twisting machines and other machinery for manufacturing textile yarns; textile reeling or winding(including weft winding) machines and machines for preparing textile yarns for use on the machines. Also, the machinery for washing, cleaning, wringing, drying, ironing, pressing (including fusing presses), bleaching, dyeing, dressing, finishing, coating or impregnating textile yarns, fabrics or made up textile articles and machines for applying the paste to the base fabric or other support used in the manufacturing of floor covering items like linoleum; machines for reeling, unreeling, folding, cutting or pinking textile fabrics.
No comments:
Post a Comment