Business

Quick review of GST India rates in 2017

GST Bill

New Delhi, May 19: Goods aligned in five slabs of taxation ie. 0%, 5%, 12%, 18%, 28% by the GST Council, the apex decision-making body for the new tax which is to be applicable from this July 1.

Tax rates have been finalised for 1,211 items.Businesses have about 40 days to go through with full clarity on the tax rates. Most large companies have already put in place software systems for GST.

According to Council,there may be some changes, giving a window to stakeholders to quickly get their concerns addressed before the transition.

GST complete list on different items:-

Nil rate (0%):
There will be no tax on items 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.

5%:
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 attract tax of 5 percent.

12%:
Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, and cellphones will attract 12 per cent tax.

18%:
Most of the items are under this tax slab which include flavoured 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.

28%:

The highest rate of tax are on the items-Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, 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, and yachts.

Wefornews Bureau

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