gst tax rates

Your Complete Guide on GST Tax Rate is Here

Recently the Finance Minister came out with an announcement of updated GST tax rate. Yes, the Government has slashed the rates of 27 items and other services. And, as soon as this news came in limelight, it has grabbed the attention of many, after all the news has impacted the common man on a large scale.

Talking about those products, the prices of unbranded Ayurvedic medicines, handcraft items, unbranded namkeen, sliced dry mango,etc has slashed from their existing rate. But before we explore the complete list, let’s just start from the beginning and take you back to the memory lane.

The Goods and Services Tax (GST) became effective from 1 July, and since its launch, it would not be wrong to say that this indirect tax regime has been in the limelight. There are four tax slabs of 5%, 12%, 18% and 28% under which different products fall and GST applies accordingly. In order to know the complete list, just read the article further.

5% Tax Slab

Goods: Sugar, Tea, Sliced Mango, Ayurvedic Medicine, Skimmed milk, ICDS Food Packages, Milk food for babies, Edible oils, Khakra & Plain Chapati, Roasted coffee beans, Packed paneer, Frozen vegetables, Cashew nuts, Spices, Unbranded Namkeen, Pizza bread, Rusk, Sabudana, Fish fillet, Packaged food items, Fertilizers,Footwear upto ₹500, Apparels upto₹1,000, Real Zari, Agarbatti, Domestic LPG, Floor covering, Plastic Waste, Coir mats, Rubber Waste, Matting, Insulin, Paper Waste, Medicines, Stent, Braille watches, Braille typewriters, Cullet or Scrap of Glass, Braille paper, Hearing aids, Postage stamps, Biomass Briquettes, Revenue stamps, First day covers, Stamp-postmarks, etc.

Services:  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 turnover of Rs. 50 Lakhs, Transport of passengers by motor cabs and radio taxis

12% Tax Slab

Goods: Ghee, Butter, Fruit juice, Almonds, Packed coconut water, Preparations of vegetables, Fruits, Nuts, Pickle, Murabba, Chutney, Jam, Jelly, Namkeen, Bhujia, Frozen meat products, Packaged dry fruits, Animal fat sausage, Non-AC restaurants, State-run lotteries, Exercise books, Notebooks, Work contracts,Apparel above ₹1000, Tooth powder, Spoons, Umbrella, Cake servers, Sewing machine, Ladles, Forks, Tongs, Skimmers, Fish knives, Mobile, Manmade Yarn, Diagnostic kits & reagents, Nil Sewing Thread of manmade filaments, Sewing Thread of Manmade Staple Fibres, Glasses for corrective spectacles and flint buttons, Playing cards, Ludo, Carom board, Chess board,etc.

Services: AC restaurants, Business class air tickets, Hotels, inns, guest houses, which have a room tariff of Rs.1000 and above but less than Rs.2500 per room per night

18% Tax Slab

Goods: Biscuits, Flavoured refined sugar, Cakes, Pastries, Preserved vegetables, Soups, Ice cream, Pasta, Instant food mixes, Corn flakes, Curry paste, Mayonnaise, Salad dressings, Mixed condiments, Mixed seasonings, Branded garments, Footwear priced above ₹500, Headgear, Soap, Hair oil, Toothpaste, Tampons, Toiletries, kajal pencil sticks, tissues, computers, printed, circuits, printers, monitors, camera, speakers, CCTV, Electrical transformer, Optical fiber, Bidi Patta, Mineral water, Poster Colours, Modelling Paste for Children, Envelopes, Some parts of pumps, Steel products, Plain Shaft Bearing, Stationery items like clips, Some Diesel engine parts, Stones used in flooring other than marble & granite, Weighing machinery (non-electrical or electronic), Aluminium foil Furniture, Bamboo, Padding pools Swimming pools

Services: Non-AC restaurants serving food and other takeaways, Hotels, inns, guest houses, which have a room tariff of Rs.2500 and above but less than Rs.5000 per room per night, IT services, Telecom services

28% Tax Slab

Goods: Chewing gum Molasses, Chocolates devoid of cocoa, Waffles and wafers coated with chocolate, Deodorants, Shaving creams, After shave, Shavers, Hair shampoo Sunscreen, Dye, Hair clippers, Ceramic tiles, Paint, Wallpaper, Washing machine, Water heater, Vacuum cleaner, Dishwasher, Automobiles Motorcycles, Aircraft for personal use, Pan masala,  Bidis, Weighing machine ATM,  Vending machines, Aerated water

Services: Race club betting & gambling, Five-star Hotels, Entertainment & Cinema, Hotels, inns, guest houses, which have a room tariff of Rs.5000 and above per room per night

Well, from a common man to riches, GST tax rate has a significant bearing. Earlier few products and services were taking out more from the pocket of the consumers, but with the reducing rates of 27 items now the GST basket is a mix of both.

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