GST RATES FOR 1,217 ITEMS ANNOUNCED DOWNLOAD FREE

SEVEN (7) GST Rules

1. Composition;

2. Input Tax Credit;

3. Valuation;

4. Registration;

5. Invoice;

6. Payment of Tax; and

7. Refund

 while legal committee is looking at remaining two (Return & Transition) Rules.

·                      Tariffs for about 1211 items was finalised, 6 items

·                      81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.

·                      Common man items have gone into 12% & 18% slab. 

·                      Indians sweets or mithai will fall under 5% slab.

·                      Coal to be taxed at 5% against 11.69% currently.

·                      All raw food items, including food grains to be exempt.

·                      Processed food of daily needs to be in the 5% slab. 

·                      Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.

·                      Tooth paste, hair oil will be taxed at 18% against 28% currently. 

·                      In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%

http://taxclubindia.com/gst/chapter-wise-rate-wise-gst-schedule-18.05%20.pdf

http://taxclubindia.com/gst/compensation-cess-bill-e.pdf

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