GST Rates in India

GST Rates in India

Introduction on GST Tax Rates

GST is the greatest expense related a change in the nation getting consistency the tax assessment structure and taking out the falling of charges that was demanded previously. Online GST registration is necessary for every taxpayer who falls under GST criteria. The GST Council meets every now and then to reconsider the GST rates for different items. There are in all 5 different slabs of GST rates in India.

The rate slabs such as 0%, 5%, 12%, 18%, 28%. Various goods and services are segregated in different rate slabs.

GST or Goods and Services are partitioned into 5 unique sections for gathering expense, for example, 0%, 5%, 12%, 18%, 28%. In all 81% of the products and ventures fall in the chunk of 18% or beneath it. 7 % of the things go under the exempted rundown, 14% of the things fall in the chunk of 5% charge, 17% of the things draw in a 12% assessment, and 43% of the things pull in a 18 % impose section, while just 19% of the things fall under the most noteworthy piece of 28% in the new routine.

Taxable and Non – taxable goods and services in GST

GST Exemption List – Goods & Services

GST Rate slab Percentage of goods in the particular slab Types of goods Types of services
0% (Exempted with GST tax) 7% of goods Vegetable, Fruits, Honey, Flour, Sweets, Curd, Buttermilk, Milk, Fish, Chicken, Eggs, Stationery items, Jaggery. Few of the precious and semi-precious stones have 0.25% of GST. Hotels & Lodges with tariff below 1000 rupees.

Essential Goods & Services at 5% GST slab

GST Rate slab Percentage of goods in the particular slab Types of goods Types of services

 

5% 14% of goods Packaged food items, skimmed milk, frozen food products, tea, spices, Cashew nuts, Medicine, coal, Incense sticks, Food in small restaurants, Rusk. Hotels and restaurants which has tariff below 7500 rupees (INR), Food parcel, Transport service, Air tickets (Economic class).

Standard Goods & Services at 12% GST slab

GST Rate slab Percentage of goods in the particular slab Types of goods Types of services

 

12% 17% of goods Ghee, Packaged Dry fruits, Butter, Cheese, Frozen meat products, Snacks, Ketchup, Fruit juices, Indoor playing games, Umbrella, Sewing machine, Non – A/C restaurant, apparel above 1000 rupees(INR), spoons & forks, Spectacles, Mobile phones. State-run lotteries, Fertilizers, Non – A/C restaurants, Air tickets (Business class)

Standard Goods & Services at 18% GST slab

GST Rate slab Percentage of goods in the particular slab Types of goods Types of services

 

18% 43% of goods Preserved goods, Footwear above 500 rupees(INR), Snacks such as Jams, Pasta, Soups, Mayonnaise, Ice creams, Cakes & Pastries, A/C & five-star restaurants, Restaurants serving liquor, Furniture made from bamboo, Sanitary napkins, Tissues, Camera, Speakers, Printers, Products made by steel, drinking mineral water, Hair oil, Sal leaves and its products, Telecom services , Soaps, Toothpaste. State-run lotteries, Non – A/C hotels, Branded garments and financial services, Telecom services.Catering

Special / Luxury Goods & Services at 28% GST slab

GST Rate slab Percentage of goods in the particular slab Types of goods Types of services

 

28% 19% of goods Luxury items, Automobiles, Motorcycles, Five-star hotels, and Lodges (Stay purpose), Edible products chewing gum, Bidi (cigarettes), Deodorants, shaving cream, Motorcycles, Refrigerators, Cement, Tyres. Private-run lotteries

 

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