GOODS AND SERVICES TAX RATES IN .

INDIA
 GOODS AND SERVICES TAX(GST)

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. Introduced on July 1, 2017,
GST replaced a complex web of multiple indirect taxes, streamlining the taxation system and fostering a unified market. The primary objective
of GST is to create a common and uniform tax structure across the country, eliminating the cascading effect of taxes on the cost of goods and
services.

GST is a destination-based tax, meaning it is levied at the point of consumption rather than at the point of origin. The tax is divided into Central
GST (CGST) and State GST (SGST), with both levels of government sharing the revenue. In the case of inter-state transactions, Integrated GST
(IGST) is applicable, ensuring seamless tax credit flow between states.
 One of the key advantages of GST is the simplification of compliance procedures. It has replaced the complex tax filing system with a
unified online platform, making it easier for businesses to file returns and adhere to regulatory requirements. However, the transition to
GST posed initial challenges for businesses and tax authorities alike, as they adapted to the new system.
 GST RATES WHEN IT WAS INTRODUCED

Goods and services falling under different GST slabs at the time of implementation in 2017:

5% GST: Essential items such as milk, fresh fruits, vegetables, food grains, etc. fell under the 5% slab.
12% GST: Processed food items, apparel costing less than Rs. 1000, etc. were taxed at 12% GST.
 18% GST: Items like soaps, toothpaste, industrial intermediaries, etc. were taxed at 18% GST
 28% GST: Luxury items such as cars, consumer durables, tobacco products, etc. were taxed at 28% GST.
There were also items that were exempt from GST or taxed at a lower rate, such as healthcare services, education, and certain agricultural
products. Over time, the government has made changes to the GST structure by revising the rates for various goods and services.
 GST RATES NOW

As of now, the GST rates in India have been revised several times, and the current rates are as follows:

1. 0% GST: Items such as fresh fruits, vegetables, milk, curd, buttermilk, natural honey, jaggery, unbranded flour, besan, bread, prasad, salt, and
stamps are exempt from GST.
2. 5% GST: Items like sugar, tea, coffee (except instant), edible oils, spices, coal, fertilizers, agarbatti, life-saving drugs, and some items of
machinery fall under the 5% slab.
3. 12% GST: Items such as frozen meat products, butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage and similar products, fruit
juices, Ayurvedic medicines, and sewing machine fall under the 12% slab.
4. 18% GST: Items like biscuits, flavored refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream,
mineral water, tissues, envelopes, tampons, notebooks fall under the 18% slab.
 5. 28% GST: Items such as aerated water, cement, automobile parts, motorcycles, aircraft for personal use, luxury cars and SUVs, tobacco
products, and casino services fall under the 28% slab.
It’s important to note that the GST rates are subject to change based on the decisions of the GST Council. Therefore, it’s advisable to refer to the
latest official notifications or consult with a tax professional for the most up-to-date information.
 GST RATES

3% GST :Pearls, natural or cultured, whether or not worked or graded but not stung,
mounted or set; pearls, natural or cultured, temporarily strung for convenience of
transport. Gold (including gold plated with platinum) unwrought or in semi-
manufactured forms, or in powder form

0.25% GST: Diamonds , non-industrial unworked or simply sawn, cleaved or bruted.

Precious stones (other than diamonds) and semi-precious stones, unworked or simply
sawn or roughly shaped