GST Rate – GST Rate Slabs & Revised GST Rate List

2
3837

 

GST stands for Goods & Services Tax, which was implemented to nullify all the existing tax system and make India One Tax One Nation. GST replaced most of the former implemented taxes like VAT, Service Tax, etc. From the date GST was introduced, the rates has been modified numerous time to benefit the end consumers. GST aims at reducing the tax burden and simplify the taxation system in India.

The latest revisions were discussed in the 37th GST Council meeting.

On Friday (20th September 2019), the GST council had its 37th meeting. About the highlights of 37th GST council meeting, read on the GST Tax rate list mentioned right here:

GST Rate Revision Effective From 1 October 2019

Item

Current RateNew Rate
Plates and cups made of flowers, leaves and bark5%Nil
Caffeinated Beverages18%28%+12% cess
Supplies of Railways wagons & coaches (without refund of accumulated ITC)5%12%
Outdoor Catering (without ITC)18%5%
Diamond Job work5%1.50%
Other Job work18%12%
Hotels (Room Tariff of Rs. 7501 or above)28%18%
Hotels (Room Tariff from Rs 1,001 to Rs 7,500)18%12%
Woven/ Non-woven Polyethylene Packaging bags18%12%
Marine fuel18%5%
Almond Milk18%
Slide fasteners18%12%
Wet grinders (consisting of stone as a grinder)12%5%
Dried Tamarind5%Nil
Semi-precious stones- cut & polished3%0.25%
Specified goods for petroleum operation under HELP*Applicable Rate5%

*Hydrocarbon Exploration Licensing Policy

Item

Current RateNew Rate
Cess on Petrol Motor Vehicles (Capacity of 10-13 passengers)15%1%
Cess on Diesel Motor Vehicles (Capacity of 10-13 passengers)15%3%

 

The Exemption for GST Rate, Which Are Available:

  • Under-17 Women’s Football World Cup in India, the supplies are made to FIFA specified persons.
  • For a few specific projects in India, Supplies are made to the Food and Agriculture Organization.
  • Imports of certain defence goods not made indigenously (up to 2024)
  • Supply of silver/platinum by specified agencies (Diamond India Ltd) for export
  • Import of Silver or Platinum by specified agencies (Diamond India Ltd)

The Rate Revision of GST in the 36th GST Council Meeting:

On Saturday (July, 27th 2019), the GST Council held its 36th meeting for GST Tax Rate. That meeting was made by a video conference. In that 36th GST council meeting, the highlights were:

ItemsBeforeAfter
Electric chargers18%5%
Electric vehicles12%5%
A full exemption is given to hiring of e-buses(seating capacity exceeds 12 passengers) by local authorities

Note: Will come into effect from 1 August 2019 after the CBIC notification

What about the 33rd GST Council Meeting Rate Revision:

It was led by the Finance Minister Arun Jaitley. The property was in the spotlight.

This is the first after the Interim Budget 2019.

The GST Tax Rates in India were sliced on the under-development houses without ITC advantage; No progressions to GST Rate on lottery or Cement.

GST Rate revision in 31st GST Council Meeting:

The rate cuts of GST council meeting:

List of rate changes at 31st GST Council Meeting

SL.no

List of Goods/Services

Changes in Tax Rate
1Vegetables provisionally preserved but unsuitable for immediate consumption5% to Nil
2Vegetables cooked/uncooked via steamed, frozen or boiled (branded)5% to Nil
3Music Books12% to Nil
4Parts for manufacturing renewable energy devices falling under chapter 84, 85 or 94 of Tariff5%
5Natural cork12% to 5%
6Fly ash blocks12% to 5%
7Walking sticks12% to 5%
8Marble rubble18% to 5%
9Agglomerated cork18% to 12%
10Cork roughly squared or debugged18% to 12%
11Articles of Natural cork18% to 12%
12Movie Tickets < or = Rs 10018% to 12%
13Premium on Third party insurance on Vehicles18% to 12%
14Accessories for Handicapped Mobility Vehicles28% to 5%
15Power banks28% to 18%
16Movie Tickets > Rs 10028% to 18%
17Video game consoles, equipments used for Billiards and Snooker and other sport related items of HSN code 950428% to 18%
18Retreated & used pneumatic Rubber Tyres28% to 18%
19Colour Television Sets & monitors up to “32 Inches”28% to 18%
20Digital & Video Camera recorders28% to 18%
21Pulleys, transmission shafts, cranks and gear boxes under HSN 848328% to 18%
22Tax rate on Air travel of pilgrims reduced*28% to 18%

Others:

GST on the composite stockpile of products pulling in 5% GST rate on Indian taxes where it is provided alongside the inventory of development administrations and different merchandise for sun oriented force plant, is currently collected as follows:

  • 70% of significant worth is considered as supply of products and exhausted at 5% GST taxes
  • Staying 30% of the EPC contract esteem is supply of administration and pulls in standard duty rate for administration

– Rate of 5%-18% to be applied dependent on exchange estimation of footwear

– Uniform Goods and Service Tax pace of 12% on Flexible Intermediate Bulk Container (FIBC) from existing 5%-12% (contingent upon the worth)

The Goods, Which Are Accepted for Exemption:

  • Supply of gold by Nominated Agencies to exporters of articles of gold Jewelry.
  • Continues received by Government from closeout of endowments got by President, Prime Minister, Governor or Chief Minister of a State and local officials, the returns of which is utilized for open or admirable mission.
  • Vehicles imported for transitory purposes under the Customs Convention on the Temporary importation of Private Road Vehicles (carnet de sections en-douane) will be excluded from IGST and Compensation cess.

The Services, Which are Exempted:

  • Services provided by banks to Basic Saving Bank Deposit (BSBD) account holders under
  • Pradhan Mantri Jan Dhan Yojana (PMJDY)
  • Services provided by recovery experts perceived under the Rehabilitation Council of India Act, 1992 at clinics, schools or restoration focuses built up by Government or beneficial foundation enrolled under Section 12AA of The Income charge Act,1961.
  • Advance assurance administrations given by the Government to its endeavors and PSUs for bank advances.

28th GST Council Meeting Rate Revision under GST Law:

GOODS

S.NO

Items

New RateOld rate
1Rakhi (other than that of precious or semi-precious material )Nil18%
2Sanitary NapkinsNil12%
3Circulation and commemorative coinsNil5%
4Raw material for broomNil12%
5Stone/Marble/Wood DeitiesNil5%
6Sal leaves and its productsNil18%
7Khali donaNil18%
8Coir pith CompostNil5%
9Chenille fabrics and other fabrics under 58015%12%
10Handloom dari5%12%
11Phosphoric Acid (fertilizer grade only)5%12%
12Handmade Carpets, Textile Floor, Coverings5%12%
13Knitted cap/topi having retails sale value exceeding Rs. 10005%12%
14Kota Stones and Similar Stones (other than polished)5%18%
15Ethanol for sale to oil marketing companies for blending with fuel5%18%
16Solid Bio fuel pellets5%18%
17Marine Engine5%28%
18Bamboo Flooring12%18%
19Hand Operated Rubber Roller12%18%
20Brass Kerosene Pressure Stove12%18%
21Zip and Slide Fastener12%18%
22Handicrafts (Excluding handmade)12%18%
23Handbags including pouches and purses; jewellery box12%18%
24Fuel Cell vehicle12%28%
25Televisions upto 68 cm18%28%
26Glaziers’ putty, grafting putty, resin cements18%28%
27Refrigerators, freezers, water cooler, milk coolers, ice cream freezer18%28%
28Washing Machines18%28%
29Food Grinders & mixer18%28%
30Vacuum Cleaners18%28%
31Paints and Varnishes (including enamels and lacquers)18%28%
32Shavers, Hair Clippers18%28%
33Hair Cleaners18%28%
34Storage water heaters18%28%
35Immersion heaters18%28%
36Hair Dryers, Hand Dryers18%28%
37Electric Smoothing irons18%28%
38Scent Sprays18%28%
39Toilet Sprays18%28%
40Pads for application of cosmetics or toilet preparations18%28%
41Lithium-ion batteries18%28%
42Powder Puffs18%28%
43Special purpose motor vehicles18%28%
44Work Trucks (Self-propelled, not fitted with lifting or handling equipment)18%28%
45Trailers & Semi trailers18%28%

List of Goods Exempt

Fortified Milkexempt5%

The GST rate recent changes on services:

SERVICES

Rate Change

ServicesNew GST RatesOld GST Rates
Supply of e-books5%18%
Supply of Multimodal Transportation12%Nil

List of Services Exempt

Senior Citizens

1. Coal Mines provident fund organisation provided the services to the PF subscribers
2. Old age home provided the services run by state government / central government to the citizens aged more than 60 years upto Rs. 25000
3. GST exempted on the service fee, which is collected by National Pension System Trust
4. Unincorporated body or non profit entity, services provided by them, which is registered under any law to own members upto Rs. 1000 per year of membership fees.

Agriculture/ Farmers

1. Services by way of artificial insemination of livestock (other than horses)
2. Services provided to food businesses by FSSAI
3. Services provided by way of warehousing minor forest produce
4. Services provided by the installation and commissioning by DISCOMS for extending electricity distribution network for agricultural use

Banking/Finance/ Insurance

1. Reinsurance services provided to insurance scheme such as Pradhan Mantri Rashtriya Swasthya Suraksha Mission

Government

1. Guarantees given by the central/ state government to their undertakings/ PSUs
2. Services provided by the government to ERCC by assigning the right to collect royalty to mining lease holders

Miscellaneous

1. Import of services by Foreign diplomatic missions/ UN other international organizations
2. GST rate slabs will apply on the actual rate for hotel services instead of declared tariff

GST Rates Structure for Goods and Services under 5%, 12%, 18% & 28%

Tax GRates

Products

0%MilkKajal
0%EggsEducations Services
0%CurdHealth Services
0%LassiChildren’s Drawing & Colouring Books
0%Unpacked FoodgrainsUnbranded Atta
0%Unpacked PaneerUnbranded Maida
0%GurBesan
0%Unbranded Natural HoneyPrasad
0%Fresh VegetablesPalmyra Jaggery
0%SaltPhool Bhari Jhadoo
5%SugarPacked Paneer
5%TeaCoal
5%Edible OilsRaisin
5%Domestic LPGRoasted Coffee Beans
5%PDS KeroseneSkimmed Milk Powder
5%Cashew NutsFootwear (< Rs.500)
5%Milk Food for BabiesApparels (< Rs.1000)
5%FabricCoir Mats, Matting & Floor Covering
5%SpicesAgarbatti
5%CoalMishti/Mithai (Indian Sweets)
5%Life-saving drugsCoffee (except instant)
12%ButterComputers
12%GheeProcessed food
12%AlmondsMobiles
12%Fruit JuicePreparations of Vegetables, Fruits, Nuts or other parts
of Plants including Pickle Murabba, Chutney, Jam, Jelly
12%Packed Coconut WaterUmbrella
18%Hair OilCapital goods
18%ToothpasteIndustrial Intermediaries
18%SoapIce-cream
18%PastaToiletries
18%Corn FlakesComputers
18%SoupsPrinters
28%Small cars (+1% or 3% cess)High-end motorcycles (+15% cess)
28%Consumer durables such as AC and fridgeBeedis are NOT included here
28%Luxury & sin items like BMWs, cigarettes
and aerated drinks (+15% cess)


Notwithstanding the over, a couple of different things were referenced in the Council’s declaration of GST rates. These things and the relevant Goods & Service Tax rates on them are as per the following:

Goods under GST Slabs

5% Tax Slab
  • Sugar, Tea, Coffee and Edible oil will fall under the 5 % section, while grains, milk will be a piece of the excluded list under GST information. This is to guarantee that fundamental merchandise are accessible at reasonable costs. Be that as it may, moment nourishment has been kept outside this section along these lines, no alleviation for Maggie!
  • Coal to be exhausted at 5 % against current 11.69 %. This will demonstrate advantageous for the force area and substantial businesses which depend on coal supply. This will likewise help control expansion. Anticipate a decent run for Coal India tomorrow.
  • The ‘mithai’ from the neighboring sweet shop may lose a portion of its flavors as Indian desserts will currently be assessable at 5 % Goods and Service tax rate. On the off chance that you have a sweet tooth, this could hurt your pocket a small piece in the coming days.
18% Tax slab
  • Toothpaste, hair oil, and cleansers will all be exhausted at 18 % GST rates, where presently they are burdened at 28 % Most of the beauty care products and quick moving customer merchandise (FMCG) brands ought to get the advantage of this duty decrease. All things considered, Fair and Lovely may appear to be more attractive in its valuing starting now and into the foreseeable future!
  • The Council has set the rate for capital products and modern middle things at 18% GST Tax rates. This will decidedly affect local makers as consistent info credit will be accessible for every single capital great. Without a doubt, it is the ideal opportunity for “Make in India”.
Services under GST Slabs:
  • For restaurants serving alcohol, the tax 18 per cent
  • Education, healthcare are the exempted areas from GST
  • Services on Non-AC restaurants are 12 %

2 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here