The Goods and Services Tax Council has finalized the tax rates on the 18th of May, 2017.

According to these rates, the goods and services would be taxed in India.

The tax rates applying to the goods will be 5, 12, 18 and 28 percent Tax preparation Unidos Tax & Immigration Services Customizes all Income Tax.

Here is your quick guide to GST tax rates.

As the tax will be applicable from 1st July, the businesses are looking for the respective applicable rates. GST rates for most of the products are below 18%. We share here the Goods and Service Tax rate structure. The rate on different product categories is mentioned for a quick glance.

The GST rate slab will guide you to know how much tax rate will apply to your business. The post also shares GST rules for payment and filing returns. For comprehensive tax compliance, ebizfiling.com can provide you the best services.

GST Rate List

A list of all the GST slab rates and product categories is mentioned below. Know the rate for your product to avoid future confusions. The tax rates are uniform across all the states LLP Incorporation. 

No tax (0%) 

Goods

No tax will be imposed on items like Jute, 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, Bones and horn cores, bone grist, bone meal, etc.; hoof meal, horn meal, Cereal grains hulled, Palmyra jaggery, Salt – all types, Kajal, Children’s’ picture, drawing.

Services

Hotels and lodges with tariff below Rs 1,000, grandfathering service have been exempted under GST. Rough precious and semi-precious stones will attract GST rate of 0.25 per cent.

5% Goods

Items such as fish fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats, Cashew nut, Cashew nut in shell, Raisin, Ice and snow, Bio gas, Insulin, Agarbatti, Kites, Postage or revenue stamps, stamp-post marks, first-day covers

Services

Transport services (Railways, air transport), small restaurants will be under the 5% category because their main input is petroleum, which is outside GST ambit.

12% Goods

Apparel above Rs 1000, 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, cell phones, Ketchup & Sauces, All diagnostic kits and reagents, Exercise books and note books, Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs, Spectacle ..

Services

State-run lotteries, Non-AC hotels, business class air ticket, fertilizers, Work Contracts will fall under 12 per cent GST tax slab

18% Goods 

Most items are under this tax slab which includes footwear costing more than Rs 500, Trademarks, goodwill, software, Bidi Patta, Biscuits (All categories), 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, Kajal pencil sticks, Headgear and parts thereof, Aluminium foil, Weighing Machinery [other than electric or electronic weighing machinery], Printers [other than multifunction printers], Electrical Transformer, CCTV, Optical Fiber, Bamboo furniture, Swimming pools and paddling pools, Curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings

Services

AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels.