Goods and Services Tax (GST) is likely to be rolled out from July 01. Let’s have a look at the goods that The GST Council, the apex decision-making body has chosen to be under the purview of this new tax order. The tax rates have been finalized for 1,211 items by far with mainstream products kept under the 18 per cent slab.
Let’s have quick review of the GST rate card-
Nil rate (0%)
Items that have been sidelined from tax impose such as- bread, meat, salt, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, , prasad, bindi, Sindoor, bangles , stamps, judicial papers, printed books, newspapers, , handloom etc.
5%
5% tax slab attracts goods as- fish fillet, cream, skimmed milk powder, packet paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, tent and lifeboat etc.
12%
Products which are under 12% tax slab are- Frozen meat products, butter, ghee, cheese, dry fruits in packaged form, animal fat, sausage, fruit juices, bhujia, namkeen, Ayurvedic medicines, tooth powder, incent sticks, painting books, picture books, umbrella, sewing machine, and cellphones.
18%
Items that are chosen under 18% tax slab flavored refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, ice cream, instant food mixes, jams, sauces, soups, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.
28%
The highest slab of GST will attract products like chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, shampoo, hair dye, hair color, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, and yachts.
“Tax rates for goods are finally here, but which tax rate will be applicable to the real estate and construction industry hasn’t been revealed yet. Yet, the market speculation is indicating towards the 12% bracket. But at present more than GST, RERA has add troubles to the entire practice of realty; the industry will have to abide by the RERA rules to be in the game,”-said Mr. Mahesh Somani– West Bengal RERA expert.
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