Economy, asked by faoif1441, 1 year ago

Prepare chart of goods and services with code and gst rate

Answers

Answered by rishika79
2

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..

Have a great day.. Thanks

Answered by rithvik301
0

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

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