Goods and Services Tax (GST) is the most talked about topic in entire India today. It will come into effect from 1 July and will make India ‘one tax country’. Earlier there were bundles of indirect taxes that people have to pay. Now all those taxes has been abolished and GST has been introduced in the country.
Goods and Services tax consists of 4 tax slabs which are – GST No tax slab, 5% tax slab in GST, 12% GST tax slab, 18% GST tax slab and 28% GST tax slab. There are exception as well to Goods and Service Tax (GST). Gold and rough diamond are excluded from these tax slabs and tax will be charged at the rate 3% and 0.25% respectively.
Items under 12% GST tax slab (Goods and Services Tax 2017)
GST tax rates at 12% has been declared by Indian government on the items mentioned below in my article. Here is the list of items under 12% GST tax slab –
Goods with 12% Tax
Following items will come under the GST tax slab 12% –
Apparel above Rs 1000, 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, cellphones, Ketchup & Sauces under this tax slab.
All diagnostic kits and reagents, Exercise books and note books, Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs, Spectacles, corrective, Playing cards, chess board, carom board and other board games like Ludo also will be charged with 12 % tax.
Services with 12% Tax
Following services come under the tax slab of 12% –
State-run lotteries, Non-AC hotels, business class air ticket, fertilisers, Work Contracts will fall under 12 per cent GST tax slab.
Lots of people are confused about the Goods and Service Tax. So I have come up with this detailed guide to make you understand the various aspects of the GST. This will definitely help you in accounting and maintaining your accounts with the latest changes in the tax system.
