Goods and Services Tax (GST)

Goods and Services Tax (GST) is a system of taxation in India which merges many individually applied taxes into a single tax. GST plays an important role in the growth of Indian Economy. It directly impacts the lives of all the people; be it merchants, workers or salaried employees.

Goods and Services Tax (GST)

Latest GST 2018 updates

  1. Some of the latest reforms in GST were made by the GST Council at the 14th GST Council Meeting held at Srinagar, Jammu & Kashmir on 19 May 2017.
  2. The Council approved four slabs for GST: Nil rate, 5%, 12%, 18% and 28%. The GST Council has tried to keep the tax under control. Most of the goods are under the 18% tax slab.

Let’s do a slab-wise tax investigation of all the 5 slabs.

1.) 0% tax slab

Goods included in this slab:

  1. Milk, curd, buttermilk
  2. Meat, chicken, eggs, fish
  3. Honey, fresh fruits, vegetables
  4. Flour, Besan, bread, salt
  5. Bindi, sindoor
  6. Stamps, judicial papers, printed books, newspapers
  7. Bangles, handloom

Services included in this slab:

  1. Hotels and lodges with tariff below Rs.1,000/-

2.) 5% tax slab

Goods included in this slab:

  1. Fish fillet
  2. Cream, Skimmed milk powder, branded paneer
  3. Frozen vegetables
  4. Coffee, tea, spices, pizza bread, rusk
  5. Kerosene, coal, medicines, stent, lifeboats

Services included in this slab:

  1. Transport services (Railways, air transport)
  2. Small restaurants

3.) 12% tax slab

Goods included in this slab:

  1. Frozen meat products
  2. Butter, cheese, ghee
  3. Dry fruits in packaged form
  4. Animal fat, sausage, fruit juices
  5. Namkeen Snacks
  6. Ayurvedic medicines, tooth powder, incense sticks
  7. Colouring books, picture books, umbrella
  8. Sewing machine, cell phones

Services included in this slab:

  1. Non-AC hotels
  2. Business class air ticket
  3. Fertilizers
  4. Work contracts

4.) 18% tax slab

Goods included in this slab:

  1. Pasta, cornflakes, pastries and cakes
  2. Preserved vegetables, jams, sauces
  3. Soups, ice cream, instant food mixes
  4. Mineral water
  5. Tissues, envelopes, tampons, notebooks
  6. Steel products, printed circuit boards
  7. Camera, speakers, and monitors

Services included in this slab:

  1. AC hotels serving liquor
  2. Telecom services
  3. IT services
  4. Branded garments
  5. Financial services.

5.) 28% tax slab

Goods included in this slab:

  1. Chewing gum
  2. Chocolate devoid of cocoa
  3. Waffles and wafers coated with chocolate
  4. Pan masala, aerated water, paint
  5. Deodorants, shaving creams, after shave
  6. Hair shampoo, dye, sunscreen
  7. Wallpaper, ceramic tiles
  8. Water heater, dishwasher, weighing machine
  9. Washing machine, ATM, vending machines
  10. Vacuum cleaner, shavers, hair clippers
  11. Automobiles, motorcycles, aircrafts

Services included in this slab:

  1. 5-star hotels
  2. Race club betting
  3. Cinema

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