Its been a month since the news of launching Goods and Services Tax came into light. Since then people have been discussing and researching on what all items will be included under which tax slab. In this article I will share with you which all items under 18% GST tax slab. As now there will be just one tax that everyone will pay and all the indirect taxes have been abolished.
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 18% GST tax slab (Goods and Services Tax 2017)
GST tax rates at 18% has been declared by Indian government on the items mentioned below in my article. Here is the list of items under 18% GST tax slab –
Goods with 18% Tax
Following items will come under the GST tax slab 18% –
Most items are under this tax slab which include footwear costing more than Rs 500, Trademarks, goodwill, software, Bidi Patta, Biscuits (All catogories), flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits.
Camera, speakers and monitors, Kajal pencil sticks, Headgear and parts thereof, Aluminium foil, Weighing Machinery [other than electric or electronic weighing machinery], Printers [other than multifunction printers], Electrical Transformer, CCTV, Optical Fiber, Bamboo furniture, Swimming pools and padding pools, Curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings.
Services with 18% Tax
Following services come under the tax slab of 18% –
AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels.
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.
