GST Slab Rates in India

Posted on: 2017-05-29 07:17:05

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