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Whose Price Will Increase After Gst?
GST promises to stitch together a common national market by replacing a string of central and local levies such as excise, value added tax, octroi, service tax.
What will hurt your pocket:
Tea, coffee and masala that is taxed at 3–9% will be at 5% GST rate.
All luxury goods, aerated drinks and tobacco products are expected to be taxed at 28 per cent.
Mobile bills, insurance premiums, banking charges, internet, wifi and DTH services are likely to get costlier.
School fees, courier services and air tickets to get expensive.
Small cars will be slightly expensive under the proposed goods and services tax (GST) regime, with a peak tax rate of 28 per cent.
Here’s the complete list of GST rate card :
No tax will be imposed on the following items:
Fresh meat, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, stamps, judicial papers, printed books, newspapers, bangles, handloom etc.
5 per cent tax on :
Items such as fish fillet, cream, skimmed milk powder, branded paneer, frozen vegetables, ...
... coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 percent.
12 and 18 per cent tax on:
Frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, umbrella, sewing machine, cellphones, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.
28 per cent tax on :
Chocolate not containing cocoa, pan masala, aerated water, paint, deodorants, shaving creams, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, automobiles, motorcycles, aircraft for personal use, and yachts will attract 28 per cent tax — the highest under GST system.
Know More About GST Filing Utility.
Bad news for Himachal Pradesh and Uttarakhand
Earlier, states like Himachal Pradesh and Uttarakhand offered similar benefits to attract investments. Under the GST regime, goods produced in such areas will no longer enjoy lower tax rates. Experts said, companies may need to adjust their production capacities and realign geographical distribution of their manufacturing to bring down the impact.
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