Revised GST Rates for Goods | Vskills Certifications

Revised GST Rates for Goods

Revised GST Rates for Goods

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
Raisin 12% 5%
Salt, all types 5% 0%
Insulin 12% 5%
Kajal pencil sticks 28% 18%
Kajal [other than kajal pencil sticks] 28% Nil
Agarbatti 12% 5%
Kites 12% 5%
Aluminium foil 28% 18%

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-goodsRevised GST Rates for Goods

 

Professionals, tax consultants, accountants can use the below links to be updated on Goods and Services Tax

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