GST Rate in India, GST Rates in India 2017 (Item Wise GST List)

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GST Rate in India, GST Rates in India 2017 (Item Wise GST List)

GST Rate in India, GST Rates in India 2017 (Item Wise GST List in PDF). GST Rates are finalised and here below we provide list of all GST Rates on Goods & Services Applicable from July 1st, 2017. Download GST Rates 2017 in PDF Format, We finally have the GST rates out and a near certainty of implementation with effect from 1st July,  GST Item Wise list available in PDF format for Download. GST Tax Rate in India. GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%. Combined GST rate is being discussed by the Government. After the total GST rate is arrived the centre and state will decide on the CGST and SGST rate. Here you may check gst rates in india item wise in pdf format or gst tax rate list 2017 as approved by GST Council in various meetings. 

GST is applicable from 1st July 2017 so Recently GST Rates are Decided by GST Council on various Meetings, Now GST Rates are finalised on 19th May 2017 and amended in 11-06-2017 & 18-06-2017 meetings by CGST Council.. Recently GST Council Decide 4 GST Rates Slabs for India, i.e GST Rates in India is 5%, 12%, 18% & 28%. Union and state finance officials met for two days in New Delhi to resolve their differences over the rates as well as the administration of the tax.

 

GST Council Meeting Held on 30-06-2017

In 18th GST Council meeting, the GST that was applied on the fertilizer was reduced from 12% to 5%. (जीएसटी काउंसिल की मीटिंग में फर्टिलाइजर पर लगने वाले जीएसटी को 12% से घटाकर 5% किया गया।)

Another decision that was taken during the meeting, which also bring relief to farmers, was to reduce the tax rate on exclusive parts of tractors from 28 per cent to 18 per cent. “Some felt it (12 per cent GST rate) may be a burden on consumer. There was a consensus (in the GST Council) to bring rate to 5 per cent,” Jaitley said.

GST council fixes rates for hotels, lottery on 18-06-2017 (18th June 2017)

In the 17th meeting of GST Council, different tax rates have been set on the government and private lottery. Under the GST of 18% tax and Government Authorized Private lottery, 28% tax rate has been fixed on the State Run Lottery. Apart from this, 28% tax will be charged on expensive hotel rooms. Arun Jaitley said that it will take 4-5 months to prepare for the e-bill. Next meeting of GST Council is held on 30th June

The GST Council also recommended that the GST rate on dried singhada and makhana will be 5%.

“The council fixed tax rate of 18 per cent for hotel rooms between Rs 2,000 and Rs 7,500. Rooms with tariff above Rs 7,500 will attract 28 per cent tax,” Finance Minister Arun Jaitley said while addressing a news conference.

“GST on restaurants in these hotels will be at par with other air-conditioned restaurants (18 per cent),” he added.

  • Anti-profit rules were approved to stop profits in the meeting.
  • The GST Council has given two months relaxation to file returns every month. There will be no need to file returns in July and August. It will be necessary to file returns every month from September.

GST Council revises rates for 66 items on (11-06-2017)

After the 16th GST Council meet concluded today, the rates of 66 items under the upcoming GST regime have been revised.

The finance minister added that under the GST, traders, manufacturers and restaurants with turnover of up to Rs 75 lakh can avail the composition scheme, against Rs 50 lakh earlier. click here to know more about GST Composition Scheme

Some of the revised tax items, the FM highlighted were:

  • There would be two categories of GST rates on cinema, 28% in case tickets above Rs.100 and 18% in case of tickets up to Rs.100
  • Cashew revised from 12% to 5%
  • Packaged food, including some fruits and vegetables, pickles, toppings, instant food, sauces revised from 18% to 12%
  • Agarbatti revised from 12% to 5%
  • Dental wax revised from 28% to 18%
  • Insulin revised from 12% to 5%
  • Plastic beads revised from 28% to 18%
  • Plastic turpolin revised from 28% to 18%
  • School bags revised from 28% to 18%
  • Exercise books revised from 18% to 12%
  • Coloring books revised from 12% to nil
  • Pre-cast concrete pipes revised from 28% to 18%
  • Cutlery revised from 18% to 12%
  • Tractor components revised from 28% to 18%
  • Computer printers revised from 28% to 18%

Presently, entertainment tax is levied by individual states. The states levy a different rate, ranging from 28-110%, and the weighted average for the entire country is about 30%.Under the GST, there will now be two categories for movie tickets. For tickets that cost less than Rs 100, a tax of 18% will be levied. For the tickets costing more than Rs 100, a GST of 28% will be levied.

GST Registration Procedure for Existing Karnataka VAT Dealers 

GST Rates Decided on Gold, Biscuits by GST Council Meeting held on (3rd June 2017)

GST Rates fixed on gold, diamond, footwear, others: GST rate fixed: Gold to be taxed at 3%, biscuits 18%, garments 12%

GST Rates 03/6/2017 Main Highlights

  • For gold, the GST has been set at 3 per cent introducing a new tax slab
  • GST of 12 per cent will be levied on readymade garments
  • Footwear upto Rs 500 is charged at 5% and above it is 18%
  • GST on Agri machinery fixed at 5 per cent
  • GST on apparel below Rs 1,000 fixed at 5 per cent: Arun Jaitley
  • A nominal rate of 0.25 imposed on rough diamond: Arun Jaitley
  • GST rate for gold fixed at 3 per cent: Arun Jaitley
  • GST on all biscuits to be 18%: Arun Jaitley
  • Consumers might also see some hike in garment prices

For gold, the GST has been set at 3 per cent introducing a new tax slab, fairly in line with industry expectations that was appealing for 2 per cent. Last month, the GST Council finalised a four-tier structure for taxation of both goods and services at 5, 12, 18 and 28 per cent. According to sources, the proposal for gold was to put it in the 5 per cent slab.

GST Rates on Services

  • All services have been fitted into four different rates, which are 5%, 12%, the standard 18% and the luxury rate of 28%
  • Travelling on metro, local train, religious travel, Haj yatra will all be exempt from GST: revenue secretary, Hasmukh Adhia.
  • AC train travel to get cheaper under GST
  • Transport services (Railways, air transport) will be under the 5% category because their main input is petroleum, which is outside GST ambit.
  • Service tax on non-AC hotels will 12%, on AC hotels that serve liquor will be 18%. Higher tax rate for luxury hotels.
  • Hotels and lodges with tariff below Rs 1,000 will be exempt. Those with Rs 2,500-5,000 will be 18%. Luxury hotels will face tax of 28%.
  • 28% tax slab on 5-star hotels, race club betting, cinema.
  • 18% tax slab for telecom, financial services
  • Healthcare and education have been exempted from the service list. Most service structures will remain as is, said sources. This implies services will become cheaper in some segments

GST Rates on Services in Hindi –

GST Nil rate (0%):

No tax will be imposed on items like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom etc. click here for list of all goods exempted from GST

GST 5% Items List

Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 percent. click here for list of all goods Covered under 5% GST Rate

GST 12% Items list

Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, and cellphones will be under 12 per cent tax slab. click here for list of all goods Covered under 12% GST Rate

GST 18% Items List

Most items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors. click here for list of all goods Covered under 18% GST Rate

GST 28% Items list

Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, and yachts will attract 28 per cent tax – the highest under GST system. click here for list of all goods Covered under 28% GST Rate

Procedure for GST Registration in Bihar State for Existing VAT Dealers

GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%

Though rates of the GST are never the part of provision of the act but as promised in the Rajya Sabha by Hon. Finance Minister Shri Arun Jaitely that upper limit of the tax will be part of the law and therefore upper limit of the tax rate of 14% has been provided in Section 8(1) of CGST /SGST Law) and & 28 % on IGST (Section 5(1) of IGST Law) and therefore, now there will be following categories of the tax rates.

Rate of Tax Expected bifurcation Remark
Nil (Exempted Supply) (0% of CGST & 0% of SGST) Necessity items may be exempted, which are presently exempted in all the states for VAT. Generally, these will be in the range of 80 to 99 items.
5% (2.5% of CGST & 2.5% of SGST) Items which are exempted under excise and VAT rate is in the range of 4% to 6% may be covered under this category
12% (6% of CGST & 6% of SGST) Items on which excise duty is 6% and VAT rate are in the range of 4% – 6% may be covered under this category
18% (9% of CGST & 9% of SGST) Majority of the Items, which are not directly needed to the consumer and not covered above will cover in this category.
28% (14% of CGST & 14% of SGST) All other items which are directly reaching to the consumer including luxury goods, i.e. white goods and beverages

GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%. GST rate structure finalised.

What is the rate applicable under composition levy?

Suppliers opting for Composition levy shall pay a tax calculated on turnover at the rate as may be prescribed, but shall not be less than 2.5% in the case of manufacturer and 1% in the case of other suppliers.

It may be noted that the rates 2.5% and 1% would be in respect of CGST as well as SGST and hence, the effective rate would be 5% and 2% respectively. Further, the composition scheme is not available on Services and inter-state outward supplies.

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