A quick guide to all you need to know about the GST rates in the current year!
The GST (Goods and Service Tax) has been one of the prominent market attractions due to its varied implications on the differentiating incomes of various companies. The government has kept numerous goods under the 18% tax bar. A categorization of 1211 items was done under the varied tax bars and thus we present to you a low-down on the tax bars that the different goods would attract:
Tax imposition has been cancelled for goods like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.
Hotels and lodges with tariff below Rs 1,000, grandfathering service has been exempted under GST.
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 allure a 5% tax.
Transport services (Railways, air transport), small restaurants will be under the 5% category because their main input is petroleum, which is outside GST boundary.
Frozen meat products, butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, coloring books, picture books, umbrella, sewing machine, cellphones will be under 12 % tax slab.
Non-AC hotels, business class air ticket, fertilizers, Work Contracts will fall under 12 per cent GST tax slab.
Most items are under this tax slab which include flavored refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers, and monitors.
AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST.
Chewing gum, molasses, chocolate not containing 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, will attract 28 % tax – the highest under GST system.
5-star hotels, race club betting, cinema will attract tax 28 per cent tax slab under GST.
For those of you who are looking for a home – visit www.namratagroup.com to choose from a plethora of residential projects in vicinity of a rapidly-growing Pune.