Want to know which tax bracket your business lies in?

Want to know which tax bracket your business lies in?

GST rates in India 

Tax bracket your business lies in:

The tax for different commodities are finally out which fits in 4 different goods and service tax brackets. As said by the finance minister of India that there would not be any major difference in terms of tax burden to a common man that the reason why nearly 50 % of the consumable goods are either put out of the tax bracket or either fall into the niche tax bracket of 5 %. Where as the other tax brackets comprises of 12%, 18% and 28%.

You can find the different commodities and services falling in different tax slabs below.


 

 

The 4 different tax slabs that attracts major goods or services are as below:

 

Exempt:

Goods- Jaggery, milk,eggs, Unpacked paneer, Natural honey, betel leaves, contraceptive,

Services-

5 % GST :

Goods – Lifesaving API, Edible oil, Sugar, Coal,

Services – Rail, air and road transport,

12 % GST :

Goods – Tractors, Formulations (Pharma), Lighting LED, Fruit juices, butter and other fats,

Services – Non air-conditioned restaurants

18 % GST :

Goods – Toothpaste, Soap, Hair oil, other API,  Industrial cables, condensed milk,

Services – Telecom and financial services, Hotels with tariff between Rs 2,500 to Rs 5,000,

28 % GST :

Goods – Motorcycles, Cars, Air Conditions, Refrigerators, Coolers, Aerated drinks, Paint, cement,

Services -hotels with tariff of above Rs 5,000,  luxury services,

 

Leave a Reply

Your email address will not be published. Required fields are marked *