Friends, today I would like to share with you about the Goods and Service Tax (GST) tax rates on items at 0% tax slab in India. GST could be a game changing tax reform for Indian economy. Indian government has put down great efforts to successfully implement it in all the different states of our nation. With this GST tax rates, India’s tax system is all set to enter into league of ‘one tax one nation’ in the world.
Goods & Services Exempted (No Tax) under India GST 2017
GST tax rates at 0% has been declared by Indian government on the items mentioned below in my article. Here is the list of items under no taxation are as below:
Goods with No Tax (0%)
No tax will be imposed on items like handloom, printed books, newspapers, Jute, fresh meat, fish chicken. GST also takes care for your love for eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi.
Items like Sindoor, stamps, judicial papers, bangles, Bones and horn cores, bone grist, bone meal, etc., hoof meal, horn meal, Cereal grains hulled, Palmyra jaggery, Salt – all types, Kajal, Children’s’ picture, drawing or colouring books are also exempted from GST taxation.
Services with No Tax (0%)
Following services are exempted from taxation under GST –
All those Hotels and lodges with tariff below Rs 1,000 are under No tax slab rates in GST 2017. Grandfathering service is also exempted under GST in India. Rough precious and semi-precious stones will carry GST rate of 0.25 per cent. GST can dramatically change the direct taxes and indirect taxes positions in India tax system.
Goods and Services Tax (GST) is really important to understand as pricing of commodities in market may vary with its introduction. GST for marketplace has also its implications on earnings per share of companies.
So, this was my GST guide for all the items exempted from GST tax rates in newly introduced GST 2017. I am sure it will definitely going to help you in GST accounting or to plan your shopping basket accordingly.
