GST Tariff as finalised on 18th May, 2017

GST Tariff as finalised on 18th May, 2017

Decisions at GST Council Meeting yesterday on Tariffs

1) Tariffs for 1211 items has been finalised. Focused mainly on fitment of goods under slabs, discussed and approved
2) 7 GST Rules are approved, with Rules relating to Return and Transition in review.
3) 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
4) Common man items have gone into 12% & 18% slab.
5) Indians sweets or mithai will fall under 5% slab.
6) Coal to be taxed at 5% against 11.69% currently.
7) All raw food items, including food grains to be exempt.
8) Processed food of daily needs to be in the 5% slab.
9) Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
10) Tooth paste, hair oil will be taxed at 18% against 28% currently.
11) In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%

Note: GST Council will discuss the rate slab for important goods like gold, beedi, etc & Services tax rates, Today.

 

Tariffs as approved on 18th May, 2017

Cess Rates as approved on 18th May, 2017