The moment GST came to India, it would not be wrong to say that it has garnered a lot of limelight. Yes, this Good and Service Tax with its plenty of benefits has become a boom in the country. With its successful launch in the country, there is no denying the fact that it has created an impact on a lot of daily goods and services.
If we talk more about the same, the Government has set different GST slab rates under which products and services will fall. Yes, the tax will be levied on plenty of goods and services, creating an impact on the lives of many.
So, before we move on further, let’s just get into the detail and let you know more about the same in the article below:
The Government has divided various goods and services in the different tax bracket of 5%, 12%, 18% and 28%, hence the taxes will be levied on plenty of items. Talking about the taxes, this consumption based indirect tax regime is going to be charged on sale, manufacturing and consumption of goods and services at the national level. This indirect tax regime has a dual tax system comprising of:
Let’s just give you a sneak peek of some of the items falling under different slabs:
Products
5%: Sugar, Tea, Sliced Mango, Skimmed Milk, Ayurvedic Medicine, Edible Oils, Roasted Coffee Beans, Packed Paneer, etc.
12% :Ghee, Butter, Fruit Juice, Almonds, Jewellery Box, Photographs, Fruits, Nuts, Pickles, Chutney, Jam, Jelly, etc.
18%: Cakes, Biscuits, Washing Machine, Flavoured Refined Sugar, Soups, Suitcase, Vanity Case, Chocolates, Ice cream, etc.
28% :Sunscreen, Dye, Hair Clipper, Ceramic Tiles, Wallpaper, Dishwasher, Pan masala, Tobacco, cement, bidis, vending machines,etc.
Services
5%: AC and Non AC restaurants, takeaway food, tailoring services, airways, railways, supply of tour operator services, small restaurant with a turnover of Rs.50 Lakh
12%: Business class air tickets, common effluent treatment plants, metro & monorail construction, hotels, inns, guest houses, common effluent treatment plants
18%: IT services, telecom services, theme parks, water parks, outdoor catering, restaurants in hotels with tariff at over Rs.7,500
28%: Race club betting & gambling, five-star hotels, entertainment, cinemas, hotels, inns, guest houses, actual bill of hotel stay above Rs.7,500
With the help of this displayed range of goods and products, it would not be wrong to say that knowing things would be easy for you. A common man can easily know which product falls under which category and how much tax is levied on the same.
Moreover, if we go deep down into the matter, this indirect tax will subsume a bundle of indirect taxes such as:
Hope this article on GST tax slabs was informative for you and now it would be easy for you to know which product falls under which category, allowing you to know under GST better.
If we talk more about the same, the Government has set different GST slab rates under which products and services will fall. Yes, the tax will be levied on plenty of goods and services, creating an impact on the lives of many.
So, before we move on further, let’s just get into the detail and let you know more about the same in the article below:
The Government has divided various goods and services in the different tax bracket of 5%, 12%, 18% and 28%, hence the taxes will be levied on plenty of items. Talking about the taxes, this consumption based indirect tax regime is going to be charged on sale, manufacturing and consumption of goods and services at the national level. This indirect tax regime has a dual tax system comprising of:
- Central GST
- State GST
- Integrated GST
Let’s just give you a sneak peek of some of the items falling under different slabs:
Products
5%: Sugar, Tea, Sliced Mango, Skimmed Milk, Ayurvedic Medicine, Edible Oils, Roasted Coffee Beans, Packed Paneer, etc.
12% :Ghee, Butter, Fruit Juice, Almonds, Jewellery Box, Photographs, Fruits, Nuts, Pickles, Chutney, Jam, Jelly, etc.
18%: Cakes, Biscuits, Washing Machine, Flavoured Refined Sugar, Soups, Suitcase, Vanity Case, Chocolates, Ice cream, etc.
28% :Sunscreen, Dye, Hair Clipper, Ceramic Tiles, Wallpaper, Dishwasher, Pan masala, Tobacco, cement, bidis, vending machines,etc.
Services
5%: AC and Non AC restaurants, takeaway food, tailoring services, airways, railways, supply of tour operator services, small restaurant with a turnover of Rs.50 Lakh
12%: Business class air tickets, common effluent treatment plants, metro & monorail construction, hotels, inns, guest houses, common effluent treatment plants
18%: IT services, telecom services, theme parks, water parks, outdoor catering, restaurants in hotels with tariff at over Rs.7,500
28%: Race club betting & gambling, five-star hotels, entertainment, cinemas, hotels, inns, guest houses, actual bill of hotel stay above Rs.7,500
With the help of this displayed range of goods and products, it would not be wrong to say that knowing things would be easy for you. A common man can easily know which product falls under which category and how much tax is levied on the same.
Moreover, if we go deep down into the matter, this indirect tax will subsume a bundle of indirect taxes such as:
- Export Duty
- Basic Customs Duty
- Toll Tax
- Stamp Duty
- Property Tax
- Road & Passenger Tax
- Electricity Duty
Hope this article on GST tax slabs was informative for you and now it would be easy for you to know which product falls under which category, allowing you to know under GST better.
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