Want to know which tax bracket your business lies in?
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:
Goods- Jaggery, milk,eggs, Unpacked paneer, Natural honey, betel leaves, contraceptive,
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,