Prepare chart of goods and services with code and gst rate
Answers
Though edible items like sugar, tea and coffee are included in the 5% slab, milk does not attract any tax under the new GST regime. The idea behind this is to ensure that basic food items are available for everyone but instant food is kept out of this category.
Basic household items like toothpaste and hair oil, which currently attract 28% tax, will be taxed at 18% only.
Sweets will also be taxable at 5%.
Tax rates on coal has also been reduced from 11.69% to just 5% in order to relieve the pressure on power industries.
GST also gives a major push to domestic industries as they will be able to procure seamless input credit for capital goods. Make in India campaign is set to flourish after this reform.
GST Rates on Goods
The government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18% and 28%. After the recent revision of GST rates, these are the commodities that fall under the four tax slabs along with those that do not attract any tax. Please note that only those commodities are included in this list whose rates have been revised in various council meetings.
Let us have a look at various products and the tax slab in which they fall into :
No Tax
Apart from other items that enjoy zero GST tax rate, these are the commodities added to the list after 11th June rate revision –
Hulled cereal grains like barley, wheat, oat, rye, etc.
Bones and horn-cores unworked and waste of these products.
Palmyra jaggery
All types of salt
Dicalcium Phosphate (DCP) of animal feed grade conforming to IS specification No. 5470 :2002
Kajal [other than kajal pencil sticks]
Picture books, colouring books or drawing books for children
Human hair – dressed, thinned, bleached or otherwise worked
Sanitary Napkins
Unit container-packed frozen branded vegetables (uncooked/steamed)
Vegetables preserved using various techniques including brine and other preservatives that are unsuitable for immediate human consumption.
Music Books/manuscripts
5% Tax Slab
Given below are the items that have been added to the 5% GST tax rate slab along with the other existing items-
Cashew nuts/cashew nuts in shell
Ice and snow
Bio gas
Insulin
Aggarbatti
Kites
Coir mats, matting and floor covering
Pawan Chakki that is Wind-based Atta Chakki
Postage or revenue stamps, stamp-postmarks, first-day covers, etc.
Numismatic coins
Braille paper, braille typewriters, braille watches, hearing aids and other appliances to compensate for a defect or disability
Fly-ash blocks
Walking sticks
Natural cork
Marble rubble
Accessories/parts for carriages designed for differently-abled individuals
12% Tax Slab
After the GST council meeting on 11th June, the following items were added to the 12% GST rates category-
Preparations of vegetables, fruits, nuts or other parts of plants, including pickle, murabba, chutney, jam, jelly
Ketchups, sauces and mustard sauce but excluding curry paste, mayonnaise and salad dressings, mixed condiments and mixed dressings
Bari made of pulses including mungodi
Menthol and menthol crystals, peppermint, fractionated/de-terpenated mentha oil, dementholised oil, Mentha piperita oil and spearmint oil
All diagnostic kits and reagents
Plastic beads
Exercise books and note books
Glasses for corrective spectacles and flint buttons
Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs
Fixed Speed Diesel Engines
Two-way radio (Walkie talkie) used by defence, police and paramilitary forces etc.
Intraocular lens
Corrective spectacles
Playing cards, chess board, carom board and other board games, like ludo, etc.
Debagged/roughly squared cork
Items manufactured from natural cork
Agglomerated cork
18% Tax Slab
The items mentioned below have been added to the 18% GST tax rate slab among the other existing items-
Kajal pencil sticks
Dental wax
Plastic Tarpaulin
School satchels and bags other than of leather or composition leather; toilet cases, Hand bags and shopping bags of artificial plastic material, cotton or jute; Handbags of other materials excluding wicker work or basket work
Headgear and parts thereof
Precast Concrete Pipes
Salt Glazed Stone Ware Pipes
Aluminium foil
All goods, including hooks and eyes
Rear Tractor tyres and rear tractor tyre tubes
Rear Tractor wheel rim, tractor centre housing, tractor housing transmission, tractor support front axle
Weighing Machinery other than electric or electronic weighing machinery
Printers other than multifunction printers
Ball bearing, Roller Bearings, Parts & related accessories
Transformers Industrial Electronics
Hope it helps you..
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Answer:
Explanation:
Though edible items like sugar, tea and coffee are included in the 5% slab, milk does not attract any tax under the new GST regime. The idea behind this is to ensure that basic food items are available for everyone but instant food is kept out of this category.
Basic household items like toothpaste and hair oil, which currently attract 28% tax, will be taxed at 18% only.
Sweets will also be taxable at 5%.
Tax rates on coal has also been reduced from 11.69% to just 5% in order to relieve the pressure on power industries.
GST also gives a major push to domestic industries as they will be able to procure seamless input credit for capital goods. Make in India campaign is set to flourish after this reform.
GST Rates on Goods
The government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18% and 28%. After the recent revision of GST rates, these are the commodities that fall under the four tax slabs along with those that do not attract any tax. Please note that only those commodities are included in this list whose rates have been revised in various council meetings.
Let us have a look at various products and the tax slab in which they fall into :
No Tax
Apart from other items that enjoy zero GST tax rate, these are the commodities added to the list after 11th June rate revision –
Hulled cereal grains like barley, wheat, oat, rye, etc.
Bones and horn-cores unworked and waste of these products.
Palmyra jaggery
All types of salt
Dicalcium Phosphate (DCP) of animal feed grade conforming to IS specification No. 5470 :2002
Kajal [other than kajal pencil sticks]
Picture books, colouring books or drawing books for children
Human hair – dressed, thinned, bleached or otherwise worked
Sanitary Napkins
Unit container-packed frozen branded vegetables (uncooked/steamed)
Vegetables preserved using various techniques including brine and other preservatives that are unsuitable for immediate human consumption.
Music Books/manuscripts
5% Tax Slab
Given below are the items that have been added to the 5% GST tax rate slab along with the other existing items-
Cashew nuts/cashew nuts in shell
Ice and snow
Bio gas
Insulin
Aggarbatti
Kites
Coir mats, matting and floor covering
Pawan Chakki that is Wind-based Atta Chakki
Postage or revenue stamps, stamp-postmarks, first-day covers, etc.
Numismatic coins
Braille paper, braille typewriters, braille watches, hearing aids and other appliances to compensate for a defect or disability
Fly-ash blocks
Walking sticks
Natural cork
Marble rubble
Accessories/parts for carriages designed for differently-abled individuals
12% Tax Slab
After the GST council meeting on 11th June, the following items were added to the 12% GST rates category-
Preparations of vegetables, fruits, nuts or other parts of plants, including pickle, murabba, chutney, jam, jelly
Ketchups, sauces and mustard sauce but excluding curry paste, mayonnaise and salad dressings, mixed condiments and mixed dressings
Bari made of pulses including mungodi
Menthol and menthol crystals, peppermint, fractionated/de-terpenated mentha oil, dementholised oil, Mentha piperita oil and spearmint oil
All diagnostic kits and reagents
Plastic beads
Exercise books and note books
Glasses for corrective spectacles and flint buttons
Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs
Fixed Speed Diesel Engines
Two-way radio (Walkie talkie) used by defence, police and paramilitary forces etc.
Intraocular lens
Corrective spectacles
Playing cards, chess board, carom board and other board games, like ludo, etc.
Debagged/roughly squared cork
Items manufactured from natural cork
Agglomerated cork
18% Tax Slab
The items mentioned below have been added to the 18% GST tax rate slab among the other existing items-
Kajal pencil sticks
Dental wax
Plastic Tarpaulin
School satchels and bags other than of leather or composition leather; toilet cases, Hand bags and shopping bags of artificial plastic material, cotton or jute; Handbags of other materials excluding wicker work or basket work
Headgear and parts thereof
Precast Concrete Pipes
Salt Glazed Stone Ware Pipes
Aluminium foil
All goods, including hooks and eyes
Rear Tractor tyres and rear tractor tyre tubes
Rear Tractor wheel rim, tractor centre housing, tractor housing transmission, tractor support front axle
Weighing Machinery other than electric or electronic weighing machinery
Printers other than multifunction printers
Ball bearing, Roller Bearings, Parts & related accessories
Transformers Industrial Electronics