Revised GST Rates for Goods
Revised GST Rates for Goods has been announced as per GST Council meeting held on 11th june, 2017. Goods which are essential of nature have been provided more relief by reducing the GST rate on them like Ketchup & Sauces [other than curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings], Mustard sauces has been reduced from 18% to 12%.
Few other important essentials are
|Item||Earlier GST Rate||Revised GST Rate|
|Salt, all types||5%||0%|
|Kajal pencil sticks||28%||18%|
|Kajal [other than kajal pencil sticks]||28%||Nil|
What is GST
The existing indirect tax laws are origin-based tax, structured to levy and collect at the point of happening of the prescribed taxable event. The indirect taxes are prone to abuse and also they do not focus on value being added to the product or service. GST will remove this major weakness and will also track the flow of goods or services across India. Goods and Services Tax will also make it easier for good or services to be provided across India.
The Revised GST Rates for Goods as per revision on 11-June, 2017 can be downloaded by clicking the link – revised-gst-rates-for-goods
Professionals, tax consultants, accountants can use the below links to be updated on Goods and Services Tax
- Tutorials for Goods and Services Tax
- Practice Test on Goods and Services Tax to assess your knowledge
- Certification Course on Goods and Services Tax