GST Rates List 2017 Comparison

As we know that, GST has recently applied in India and many sectors are getting affected by GST Rates Comparison in this article, we will tell you What are they? We should look at it..!

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The Goods and Service Tax, also known as GST Meaning, is being imposed in India. The main objective behind GST is to grow the country’s economy by applying it on all goods and services purchased by consumers, and the revenue hence obtained will be progressed to the government. It has been implied by many countries in the past, at varying rate slabs.

GST was first announced in India by Arun Jaitley, the Union Finance Minister, as The Constitution (122nd Amendment) (GST) Bill, 2014. The GST Regime in India has been proposed to be levied on the manufacturing, sale, and consumption of goods and services throughout the country. It is a comprehensive indirect tax system which will replace the current taxation applied by the State and Central governments. It has been formulated to establish a pan-India taxation system and put an end to the existing segmented & multiple taxes charged by the States and the Centre on goods and services.

What Is GST?

In order to understand GST in depth, it is essential to throw some light on the tax system which existed prior to GST. In the current taxation system, consumers are paying several indirect taxes such as VAT, Excise Duty, Service Tax etc. this is because the Central government imposes a tax on the manufacturers, while the State governments impose different tax rates on the sale of good & services in their state. As a result, consumers are overburdened with taxes. As a result, the current taxation system implies a high tax rate, since it includes these indirect taxes along with different tax rates for different states, which hikes the tax levied on goods transported between states. It is heavily burdened with multiple taxes.

Goods and Service Tax Act

The Good and Service Tax Act is a boon for the country like India. People were always overburdened with tax burdens. GST has given them relief in numerous ways. In order to impose taxes on goods and services at the national level, this act bestows the power of the Parliament and the State legislatures.

GST Analysis

  1. It creates a harmonized system of taxation by taking all the indirect taxes under one tax bracket.  It has broadened the tax base and addressed challenges with the current indirect tax regime.
  2. The additional tax levied on goods that are transported across inter states i.e. 1%, harms the objective of creating a harmonized national market for goods and services.
  3. The whole provisions of this bill do not completely confirm to an ideal GST regime. Levy of GST on five petroleum products could lead to tax duplication and cascade of taxes.
  4. As the Inter-state trade of goods is more expensive than intra-state trade, the burden gets double on the consumers. This will definitely give push to cascading effect of tax and will continue as well.
  5. Although, the Bill permits the center to levy and collect GST of inter-state trade and commerce for the ease of transactions and least burden. Yet, many difficulties may be faced by the consumers.  In place of this, a modified bank model can be adopted for interstate transactions for the ease of tax compliance and administrative burden.

GST Rates PDF

Gst rates list in india 2017 had been supplied as object smart listing (gst price chart product services goods list) available in world and additionally totally free pdf down load. The rates of GST is extraordinary for goods and services. All GST Rates in india pdf 2017 may be categorised into five. GST benifits One of the maximum well-known class is the zero rate gst (additionally known as as gst exemption items) which incorporates farm produce etc. 18% gst charges in GST PDF has been distinctive for maximum wide variety of products.

 

Full List of GST Rates Item Wise India PDF 2017 DOWNLOAD

GST Rates for Goods India PDF 2017 DOWNLOAD

GST Rate for Services in India PDF 2017 DOWNLOAD

GST India 2017 Item Rate List 

  • 0% GST Rate          –         Milk, Meat, Sindoor etc.
  • 18% GST Rate        –          Paneer, Stent, Vegetables etc.
  • 12% GST Rate        –          Agarbatti, Bhutia, Animal Fat etc.
  • 18% GST Rate        –          Cameras, Steel Products, Mineral Water.
  • 28% GST Rate        –          Automobiles, ATM, Shampoos etc.

GST Rates Items that got Cheaper

  • Corn flakes
  • Toothpaste
  • Soap
  • Hair oil
  • Ice cream
  • Cheese
  • Packaged tea and coffee
  • Atta (packed & branded)
  • Packed paneer
  • Masala
  • Sweets
  • Packed curd
  • Economy class air travel

GST Rates Items That Got Expensive

  • Cold drinks
  • Chewing gum
  • Chocolate
  • Shampoo
  • Face cream
  • Television
  • Fridge
  • Air conditioner
  • Washing machine
  • Furniture
  • Watches
  • Banking services
  • Leasing of cars
  • Professional services
  • Advertising services
  • Telecom services
  • Cleaning services
  • Beauty parlour services
  • Dry cleaning services
  • Security services
  • Maintenance services
  • Legal services

GST Rates for Motor Cycles

The central goverment has fixed a standard 28% gst charge for motor cycles.

GST Rate on Cars Automobiles

The automobiles and vehicles in india are going to attract the very best fee of gst, this is 28% tax bracket.

Not like the more than one prevalence of taxation levied presently, the brand new tax structure will see a uniform fee of 28 percent on automobiles, said a person with know-how of the selections made on the gst council assembly. An extra cess of 1 consistent with cent and 3 per cent is being mentioned for levy on small petrol and diesel vehicles, respectively.

GST Rate on Gold & Jewellery

  • The GST Council has not yet decided on the rate of GST on Gold and Jewellery Products in India.
  • If the consumer returns the jewellery to the vendor, the 18% tax paid on the time of purchase can’t be regained. In different phrases, the cost of the jewellery will reduce by  18% gst paid at the time of buy.
  • Hence, the buyers will get severely impacted. The government is still mulling over the mechanism for GST. Therefore, this effect is tentative and can change as more information flows in on gst rules.
  • As per the present information, under GST, gold ornaments would be subject to 18% tax, which the jeweller can adjust with input credit.This 18% tax has to be borne by the end customers. Consequently, the final prize of the jewellery increases.

Products Attracting 12% GST Rates

Frozen meat products, Butter, cheese, ghee, Dry fruits in packaged form, Animal fat, Sausage, Fruit juices, Bhutia, Namkeen, Ayurvedicmedicines, Tooth powder, Agarbatti, Colouring Books, Cell Phones

Products Attracting 18% GST Rates

sugar pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tampons, note books, steel products, printed circuits, camera, speakers and Monitors.

Products Attracting 28% GST Rates

Chewing gum, molasses, chocolate not containing cocoa, aerated water, paint, deodorants, shaving creams, hair shampoo, dye, sunscreen, Wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, and yachts.

Products Attracting 0% GST Rates

Fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom.

GST Rates Before and After

GST Rates Comparison Chart on Services

Name of ITEM GSTRate(%)Existing Rate(%)
Telecom1518
Works contracts1215
Non AC/alcohol-serving restaurants1213-14
AC, alcohol-serving restaurants1822
Five-star restaurants2818

GST Rates Comparison Chart on Constructions

Name of ITEMGST Rate(%) Existing Rate(%)
Cement2830
Wall paper2818.5
Paints and varnishes2826
Putty, wall fillings 2826
Plaster2826
Ceramic tiles2826
Tempered glass2826
Sand lime bricks, fly ash bricks56

GST Rates Comparison Chart on Metals & Minerals

Name of ITEM GST Rate(%)Existing Rate(%)
Peat 519.5
All ores and concentrates518.5
Kerosene PDS517
Petroleum coke, petroleum bitumen1827.5
Tar512
Coal512
Lignite512
Copper bars, rods, wires1818.5
Copper screws, nuts, bolts1818.5
Nickel bars, rods, wires1818.5
Nickel screw, nuts, bolts 1818.5
Nickel tubes, pipes, netting1818.5
Aluminium ingots, rods, wires1818.5
Lead plates, sheets, strips1818.5
Zinc goods1818.5
Tin bars, rods1818.5

GST Rates are Standard Across

The above noted gst rates appply to all of the following states such as Andhra Pradesh , Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu ,Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal.

Impact of GST

  • The good and services tax (GST) is leaving an excellent effect at the competitively priced situation of India. As the whole business international is getting affected with it. It has changed the traditional pattern of pricing of the goods and services.
  • The GST deeply impacts the tax system of India as properly by means of decreasing down the terrible effect of the taxes on the charge of various goods and offerings. It affects the tax computation, credit score utilization, and tax shape and tax frequency, and in this manner, it is bringing modifications to the whole indirect system.
  • The supply chain has been optimized with the help of GST.
  • The introduction of the GST is truly a positive wave initialized by the Government of India. Because of this, a single national market has been created as all the central and state taxes get merged into one single tax. Yes, it’s true that the implementation will take time, but it will result in better India with maximum employment opportunities and economic benefits.

Conclusion

From a broad overview, the GST regime is a huge development in India. It will make life simpler for the indirect taxpayers, and give the revenues an evident boost as the tax credit will motivate suppliers to pay their taxes and the number of tax exempted products will reduce. It will also boost the investments by reducing the cost of capital goods, as it will impose a full input tax credit. Tax will only be paid for the value added, and this will reduce the amalgamation of taxes, making the product costlier for the consumers. It will result in more development for the smaller states, as the taxes collected per state will not be limited to themselves, they will be dispersed, and thus, will create an opportunity for others.

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