GST stands for goods and services tax, Govt. aims to implication of GST for one nation one tax. Goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative list of goods and services on which GST is not levied.
GST is an indirect tax in lieu of tax on goods (excise) and tax on service (service tax). The GST is just like State level VAT which is levied as tax on sale of goods. Goods and services tax (GST) will be a national level value added tax applicable on goods and services.
Recently GST council sets different tax slab rate for various types of goods and services under GST regime. As soon as the GST slab was declared a great importance of wave filled with curiosity hits across the industries and traders. Here you can find out the 5 slab rates under 4 categories of GST in India.
Commodities, Services |
GST RATE |
Essential farm produced mass consumption items like milk, cereals, fruits, vegetable, jaggery (gur), food grains, rice and wheat |
NIL |
Sleeper, metro tickets and seasonal passes |
NIL |
Common use and mass consumption food items such as spices, tea, coffee, sugar, vegetable/ mustard oil; newsprint, coal and Indian sweets |
5% |
Airlines (Economy class) |
5% |
Railways (AC) |
5% |
Railway freight |
5% |
Restaurants with annual turnover less than Rs. 50 lakhs |
5% |
Cab aggregators like Ola, Uber |
5% |
Processed foods |
12% |
Hotels with tariff Rs. 1,000 - 2,500 |
12% |
Fruit juices, live animals, meats, butter & cheese |
12% |
Non-AC restaurants without liquor license |
12% |
Work Contracts |
12% |
Airlines (Business class) |
12% |
Mobile phones |
12% |
All FMCG goods like hair oil, soaps, toothpaste and shampoos; chemical and industrial use intermediaries |
18% |
Telecom, financial service |
18% |
Hotel room tariff Rs. 2,500 - 5,000 |
18% |
AC restaurants with liquor license |
18% |
LPG stoves, military weapons, electronic toys |
18% |
White and brown goods like TV, refrigerator, AC, washing machines, microwave ovens; soft drinks and aerated beverages |
28% |
Cinema halls, Race clubs |
28% |
5 star hotels |
28% |
Perfumes, revolver, pistols |
28% |
Small cars – petrol driven |
28% + 1% cess |
Small cars – diesel driven |
28% + 5% cess |
Luxury cars |
28% + 15% cess |
Luxury and de-merits goods and sin category items e.g. tobacco, pan masala |
28% + cess |
Heavy bikes, Luxury yachts, private jets |
31% |
Gold, Packaged foods, cigarettes, footwear and textiles |
Likely to be announced on June 3 2017 |
For more details of GST registration in Bangalore click here