Want to know which tax bracket your business lies in?

GST ready?

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,

 

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