Ahead of GST (Goods and Services Tax) implementation, we’ve briefed tax slab rates of various goods and services, advantages and disadvantages.
The slogan ‘One Country, One Tax’ : ‘One India, One Tax (GST)’ is going to be live from July 1, 2017. Following the central government’s approval, most of the state governments are passing GST bill unitedly to unite the country in terms of taxation.
The finance minister, Arun Jaitely’s pannel has finalised the GST rates for 1211 items on May 19, 2017.
According to the officials, 81% of the items fall under 18% GST slabs and only 19% of the of the Goods will be taxed above 18%. However, the common people opine, there are some hits and misses in the tax slabs of GST.
Here we’ve simplised the GST slabs, to let you understand the taxaction of goods more effectively.
Goods Exempted From Being Taxed Under GST (0% Tax Slab)
- Milk, Buttermilk, Curd, Eggs, Bread, Prasad, Natural Honey, Salt, Fresh Fruits and Vegetables
- Stamps, Judicial Papers, Printed Books, etc…,.
Goods Fall Under The GST Slab Of 5%
- Coffee, Tea, Sugar, Edible Oil, Coal, Indian Sweets, Medicines, Frozen Vegetables etc…,.
Goods Fall Under The GST Slab Of 12%
- Butter, Cheese, Ghee, Fruit Juices, Namkeen, Umbrella, Sewing Machines, Cellphones etc..,.
Goods Fall Under The GST Slab Of 18%
- Hair Oil, Soap, Jams, Ice Cream, Mineral Oil, Tissues, Note Books, Steel Products, Camera, Speakers etc..,.
Goods Fall Under The GST Slab Of 28%
- Aerated Drinks, Consumer Durables, Cars, Washing Machines, Vaccuum Cleaners, Shavers etc..,.
Hope the GST implementation can save common people from being highly taxed…
(Image Courtesy: Twitter)