Goods And Service Tax GST 2017

Goods And Service Tax GST 2017

Government finalized the 4 slab structure of Goods and Service Tax of 5%, 12%, 18% and 28%. Finance Minister Arun Jaitley addressing to the media on 14th meeting of GST in Srinagar yesterday has announced GST had been finalized. He said certain services and goods are exempted from tax and cost of some services will not rise. The council says common man items are set to get cheaper and consumer friendly under this GST.

The four-tier tax structure by GST Council

43% items fall under 18% tax rates

19% items to 28% tax

17% items to 12% tax

14% items - 5% tax

7% items gets exempt

Exempt

Milk, wheat, rice, handlooms, hearing aids, education, healthcare, bindi, glass bangles, handmade musical instrument, metro travel, local train, religious travel

5% - Rea, Coffee, Cane Sugar, Beet Sugar, Bio Gas plant, Fish, Groundnut, wind mills, bio gas plant, ola and Uber, restaurants (turnover of Rs. 50 lakh), sweets, coal, hair oil

12% - Butter, cheese, dry fruits, fruit juice based drinks, tooth powder, mobile phones, sports goods, tractors, bicycles, umbrellas, incense sticks, feeding bottles, pencils, hand paintings, live husbandry, meat, non-ac restaurants

18% - Petroleum jelly, primary polymers, copper products, helmets, LPG stoves, ac restaurants, electronic toys, telecom, liquor licence, clocks, financial services

28% - Cars, pistols, deodorants, perfumes, shave lotions, fur skins, Razor blades, cinema halls, aerated drinks, chocolates, coca-based products, pan masala, custard powder, shampoo, motorcycles and mopeds

Goods And Service Tax GST 2017