Tuesday, 30 May 2017

[www.keralites.net] GST on Commodities


GST on Commodities

GST is a destination-based consumption tax. It would be applicable on supply of goods and services instead of on the manufacture or sale of goods or provision of services.

Central taxes like excise duty, service tax, import duty and state taxes like VAT, luxury tax, octroi and entry tax will subsume in GST.

GST is aimed at simplifing India's tax structure and increasing ease of doing business. GST council has decided 4 slabs for tax rates — 5, 12, 18 and 28 percent — for goods and services.

There are some essential commodities on which there will be no tax. (0%) No tax on fresh meat and chicken (No change in their prices)

1     (0%) No tax on eggs, flour, besan, bread, papad and honey (No change in their prices)

2     No tax on vegetables, sindoor, stamps and bangles (No change in their prices)

3     No tax on milk and butter milk (No change in their prices)

4     No tax on stamps, printed books and handlooms (No change in their prices)

5     No tax on newspapers, healthcare, education, lottery, hotels and lodges with tariff up to Rs 1,000.  (No change in their prices)

6     5% tax rate on coffee, tea, rusk, pizza bread, and sabudana (tapioca pearls). (May get cheaper)

7     5% tax rate on spices, cream and skimmed milk powder (May get costlier)

8     5% tax rate on medicines, fish fillet and economy air fares. (May get cheaper)

9     5% tax rate on frozen vegetables, radio taxi services and AC train travel (May get cheaper)

10    5% tax rate on restaurants with less than Rs 50 lakh turnover (May get cheaper)

11    5% tax rate on coal (May get cheaper)

12    12% tax rate on frozen meat, cheese, butter, animal fat and ghee (May get costlier)

13    12% tax rate on cell phones, and dry fruits (packaged) (May get costlier)

14    12% tax rate on incense stick, sweing machines and toothpowder. (May get costlier)

15    12% tax rate on umbrella, work contracts and business class airfares.

16    12% tax rate on fruit juices, hotels with tariff between Rs 1,000-2,000 and non-airconditioned restaurant. (May get cheaper)

17    18% tax rate on pasta, jams, sugar, and instant food mixes. (No change in prices)

18    18% tax rate on ice cream, sauces, soups, mineral water, tissues and tampons. (No change in prices)

19    28% tax rate on chocolates, pan masala, shaving creams, deodorants and shavers. (May get costlier)

20    28% tax rate on automobile, motorcycle, vacuum cleaner, washing machine and dishwasher. (May get costlier)

21    28% tax rate on casinos and gambling, amusement parks and sporting  events. (May get costlier)

22    28% tax rate on 5-star hotels and restaurants. (May get costlier)


Posted by: Raman K <kraman_4@yahoo.com>
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