Read This to Know The Various GST Slab Rates Impacting Different Products & Services

Read This to Know the Various GST Slab Rates Impacting Different Products & Services

With GST coming into effect, it would not be wrong to say that many industries and sectors being impacted by the same.

Talking more about the same, this Goods and Services Tax has been levied on plenty of products and services, hence is always a hot topic, the moment it has been implemented. The government has levied many GST slab rates under which different products and services fall. Let’s just know more about the same in the article below:

Under different categories, come different products which can either costly or cheap. Wanna know more about the same in the article below: â—? The first slab is of 0% or you can say no tax rate bracket, under which many products and services do fall. Yes, under this category, no tax will be levied on plenty of products and services, hence they will remain the same.

Talking about the products, they include-natural honey, bangles, besan, flour, eggs, stamps, printed books, etc. Whereas, the services are concerned, all hotels and lodges having a tariff below Rs.1,000 are exempted from the tax bracket. â—? Another slab is of 5%, under which many products and services fall.

Under this slab, the products that come are-cashew nuts, insulin, frozen vegetables, coffee, fish fillet, skimmed milk powder, etc.

Whereas, the services are concerned, they include-small restaurants along with transport services, takeaway food, ACs and non-ACs restaurants. â—? Moving on with another slab, it is of 12% under which many products and services can easily be available. These products include-fruit juices, namkeen, instant food mix, cell phones, medicine, umbrella, etc. While on the other hand, if services are concerned, business class air tickets will be there.

● Let’s just move on to another slab, i.e. 18%, wherein multiple products and services will be there. Thus, you can say that with many products, it is easy for you to know how much tax is levied on which product. So, in the same category, products like-chocolate, ice cream, hair shampoo, chewing gum, pasta, corn flakes, etc. are there. While on the other hand, talking about the services, they include-restaurants located inside hotels with tariff Rs.7,500 and above. IT and telecom services, financial services along with branded garments. ● Now let’s talk about 28% slab, under which various products and services will be there. As far as products are concerned, they include-pan masala, dishwasher, paint, cement, sunscreen, etc. As far as services are concerned, they include-five star hotels, movie tickets, betting on casinos and racing.

Hence, it would not be wrong to say that with GST rate list of different products and services, it is absolutely easy for you to know what all products and services fall under which category. And, soon after knowing the same, you can easily differentiate amongst all.

However, one thing that needs to be mentioned here is the fact that soon after the implementation of this in-direct tax regime, the other taxes will be replaced hence that has made the things easier as now there is an only single tax that will be levied on various products and services.