GST decided the rates for over 500 services and 1,211 goods and its tax rates for all Goods and services will be at 5%, 8%, 18% and 28%. In the meeting, the officials said that there would be 80-90% of items are cut into the GST’s five broad rates.
During the GST Council meet, Finance Minister Arun Jaitley told that the upcoming regime in tax reform for the Entertainment activities, household and personal care products would be reduced, and on the other side, most of the services like healthcare and transportation are charged at the rate of 15% currently will cost more. So, with the new rates of a regime which is going to be implemented will be in effect and probably your monthly budget which includes basic items will also get affected.
Finalised GST Rates:
GST Rates in Dairy and Farm Products:
GST Rates in Lifestyle and Home:
GST Rates in Services:
GST Rates in Constructions:
GST Rates in Beauty and Personal Care:
GST Rates in Metals and Minerals:
GST Rates in Other Items:
Will GST Impact Your Household Budget?
GST Impact in Basic Food Items:
GST Impact in Non-Food Items:
GST Rates in Durable Items:
GST Rates in Basic Services:
GST Rates in Hotels and Restaurant:
GST Rates in Cars:
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These are the final GST Rates in percentage by comparing with the old tax regime. These rates are to be followed from tomorrow. Analysing of the tax reform for these goods and services is still going on and it may vary in the forthcoming days.
Know more about GST:
- What is GST? All You Need to Know about GST Law
- GST Invoice Format and Rules | All About Invoicing Under GST
- Save My Tax Launches GST Compliance Software for Tax Practitioner’s, Traders & MSMEs
- Insulin, Movie Tickets Will Be Cheaper After GST
- Gst Rate Cut On Merchant Services To 5% From 18% | Relief For Workers
- Jewellers Welcome GST 3% Boosted on Gold
- GST To be Executed From July 1 | To Bring Uniformity of Tax Laws