In Which GST Slabs Your Sought Out Products & Services Feature?

Goods and Services Tax (GST), without a doubt, is seen as one of the major revolutions in India’s taxation landscape. Subsuming a dozen of central and state level indirect tax levies, the GST has eliminated the hassles of multiple taxes that the business enterprises had to face prior to its launch on July 1, 2017. 

The GST is introduced in four slabs - 5%, 12%, 18% and 28%, something you would be aware of, right? Where does the product, the one you are searching, figure among these four GST Slabs? Wanna know? Stay glued to this article which enlists the products as well as services under different slabs.

List of Products & Services Exempted from GST

Oh, I forgot to say that there are a handful of products where GST won’t be levied. Those products are right below.

• Milk
• Salt
• Bread
• Vegetables
• Fruits
• Eggs
• Flour
• Besan
• Handloom
• Bangles
• Newspapers
• Judicial Papers
• Printed Books
• Natural Honey
• Curd
• Bindi
• Sindoor
• Hotels and lodges with a tariff below ₹1,000

Which Comes Under 5% GST Tax Rate List?

The products and services, which figure under 5% GST slab, include the following -

• Tea
• Sugar
• Skimmed Milk
• Sliced Mango
• Ayurvedic Medicine
• Milk Food for Babies
• Roasted Coffee Beans
• ICDS Food Packages
• Khakra & Plain Chapati
• Frozen Vegetables
• Packed Paneer
• Unbranded Namkeen
• Spices
• Cashew Nuts
• Fish Fillet
• Rusk
• Pizza Bread
• Packaged Food Items
• Domestic LPG
• Insulin

Products & Services Featured Under 12% GST Rates Chart

The list of products and services under 12% GST rate comprises the following -

• Fruit Juice
• Ghee
• Almonds
• Butter
• Vegetable Preparations
• Packed Coconut Water
• Pickle
• Nuts
• Chutney
• Murabba
• Namkeen
• Jelly
• Jam
• Packaged Dry Fruits
• Frozen Meat Products
• Non-AC Restaurants
• Work Contracts
• Notebooks
• Apparel Above ₹1,000
• Sewing Machine
• Spoons

Which Products & Services 18% GST Rate Enlist?

Here’s a list of products and services that figure under 18% GST tax rate component.

• Flavoured Refined Sugar
• Pastries
• Cakes
• Soups
• Biscuits
• Preserved Vegetables
• Vanity Case
• Suitcase
• Briefcase
• Ice Cream
• Chocolates
• Instant Food Mixes
• Chewing Gum
• Salad Dressings
• Mayonnaise
• Branded Garments
• Hair Oil
• Soap

28% GST Tax Slab Listers

Now it’s about those featured under the top GST slab which is 28%. Wanna check out the list? Take a look below.

• Automobiles
• Vacuum Cleaner
• Water Heater
• Washing Machine
• Wallpaper
• Paint
• Dye
• Hair Clippers
• Sunscreen
• Ceramic Tiles
• Dishwasher
• Pan Masala
• Aerated Water
• Vending Machines
• Weighing Machine ATM

Now that you are aware of the products and services featured under different GST slabs, you can plan your purchase better.

What’s in Store for Car Buyers?

Of the lists showcased above, you would have noticed 28% tax incidence on automobiles, one of the important sectors of the economy. Within the automobile space, a car garners significant attention from the prospective buyers because of the luxurious feel it incites. Interesting to note is the fact that cars attract 28% GST along with a cess of 15%-25%, depending on the type of vehicle you want to buy. The overall tax rates thus go up to 43%-53% on the cars. While the small, mid and large-size cars attract a tax of 43%, 45% and 48%, respectively, the sports utility vehicle (SUV) would have 50% tax rate to pay on a buy.

How Would GST Impact Loans in India?

Well, the lists above may not have shown anything about the costs pertaining to a loan under the GST regime. But the effect of GST on loans is there. The loans have become dearer, but not much as was shown in the news headlines at the time of GST launch.

A loan comes with charges like processing fee. Prior to the rollout of the GST, banks were charging service tax of 15% on the processing fee amount to arrive at the total. Now with the imposition of 18% GST tax rate, the fee will be 3% up. When you get to see the hike in actual rupee amount, you would say a minuscule rise. So a processing fee of ₹10,000, when added to 15% service tax, was coming to ₹11,500 in the pre-GST era. At 18% GST, the same fee will be ₹11,800, rising by a mere ₹300.

Maximize your Reward Points on HDFC Credit Card Offers

Want to get any concessions while you go for any purchases? Well, in such instances, go for online shopping that gives you bundle of offers that you can rejoice upon. And when there are so many credit card offers pouring in for you then you should hand-pick the best credit card that can do justice for your purchases. 

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So, pick your best deal from across the offers which you can convert your mindful purchases into real purchases. Before that you can go for, check your credit card eligibility criteria that best serves you in almost all respects to avail the best offer for yourself.

HDFC Eligibility Criteria

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Know Here the Insights of ICICI Prudential Mutual Fund Factsheet

Many of you will surely agree on the fact that investing in mutual funds is not an easy thing to do. It requires the expert skills and a deep understanding of the subject so as to know when and where to invest. And, in order to have a smooth and a hassle-free journey, many investors generally take help from financial experts. 

 That’s right! These professionals with having the sound knowledge of MFs ensure that their clients invest in the best fund/s. They deeply study the market conditions and then suggest their clients when and where to park the money so as to reap the maximum benefits. 

Moreover, it is important for an investor to know a fund thoroughly before investing in the same. Suppose, if an investor wants to invest in ICICI Prudential Fund, it would be advisable to collect the required facts and info such as ICICI Prudential Mutual Fund Factsheet.

However, there are other vital factors as well such as NAV, Fund Manager, Exit Load, Minimum Investment and so on that contribute a lot to MF journey. But how about if get all this and in fact much more at one place? Sounds exciting, isn’t it? Well, with the help of a fact sheet, it is possible for an investor to know all these facts so easily. 

Various Asset Management Companies (AMCs) issue their monthly fact sheets, wherein all the facts and figures are mentioned, mainly the performance of all the funds, credit/ deposit growth and what not. Talking more about this sheet, it has the detailed description of all the schemes with charts and figures, showcasing the monthly performance of all.

The moment you open this sheet, you are sorted as you don’t need to search online for even a single thing. It has each and every required info, which is important for you to know before investing in a scheme. These sheets are easily available online for you to see. You can visit the bank’s website and download the PDF file for better understanding. 

Suppose, if you want to see the Fund factsheet for October, click on the same and a PDF file will be downloaded for an overview. Open the sheet, go through its Equity Market Outlook section so as to know the Technicals, Global Economy and Growth. Now if we talk about Equity Market Outlook, this section further allows you to know-Inflation, Currency, Market Sentiment, Market Performance, Recommended Equity Schemes, Equity Valuation Index, Bond Markets, Physical Assets, Index, etc.

Now, that’s the basic details or info that you can easily read in the sheet and get to know a scheme you want to invest. Well, knowing these facts actually help you in grabbing the best deal as it is surely one of the best ways to know a scheme better. The more you scroll the file, you will get to see more pages, giving you a detailed description of each and every scheme. Let’s just imagine, if an investor wants to invest in ICICI Prudential Focused Bluechip Equity Fund, all you need to do is just open the factsheet and scroll below to reach a page of this open-ended equity fund. Now, if you see that page, it has all the required and detailed facts about the scheme. An investor can compare the NAV, Returns (1 Year, 3 Year, 5 Year and Since Inception). 

Apart from this, there are Fund Details such as Fund Managers, Investment Horizon, Minimum Investment, AUM, Entry Load, Exit Load, Minimum Redemption Amount, Total Expense Ratio, Investment Objective, etc. Not only this, if you want to know the entire portfolio, i.e. sectoral and company holdings, you can know that as well by simply looking at the sheet and check every detail so easily.

Furthermore, you can also know Combined Annual Portfolio Turnover Ratio, Average Dividend Yield, Application Amount for Fresh Subscription, Rating or Ranking of your Fund and so on. No matter which is that crucial factor or piece of information you want to check or know about your fund, all this and much more can easily be known with the help of this amazing ICICI Prudential Mutual Fund Factsheet.

So, hope you keep the above points in mind before investing in any fund/scheme.  

Disclaimer- Mutual Funds are subject to market risks. Please read the scheme related documents carefully before investing.