Gst rates 2019 – complete list of goods anxiety and services tax slabs

The government has proposed a 4-tier tax structure for all goods and services under the beck’s anxiety inventory test pdf slabs- 5%, 12%, 18% and 28%. After the recent revision of GST rates, these are the commodities that fall under the four tax beck’s anxiety inventory test pdf slabs along with those that do not attract any tax. Please note that only those commodities are included in this beck’s anxiety inventory test pdf list whose rates have been revised in various council meetings.

Earlier service tax was levied on loans which has now beck’s anxiety inventory test pdf been replaced by GST which would now be levied on beck’s anxiety inventory test pdf loans. The rate of service tax was 15% whereas the rate of GST is 18%. A lot of people are of the opinion that the beck’s anxiety inventory test pdf effective cost of having a loan would increase as the beck’s anxiety inventory test pdf rate of GST is 3% higher than the rate of service tax.


Several people are of the opinion that their EMI’s would increase as the rate has been increased by beck’s anxiety inventory test pdf 3%. However, this is not the case as GST is not levied beck’s anxiety inventory test pdf on repayment of loan or on payment of interest on beck’s anxiety inventory test pdf loan.

GST is only levied on the processing charges and any beck’s anxiety inventory test pdf other charges paid to the bank excluding the principal repayment beck’s anxiety inventory test pdf and interest payment. These other charges include the loan processing fees, loan prepayment charges and other charges, if any. As a major chunk of the loan repayment comprises of beck’s anxiety inventory test pdf principal repayment and interest payment, the impact of GST on loans would be very negligible. The impact of GST on home loans and personal loans beck’s anxiety inventory test pdf has been explained below for a much better understanding of beck’s anxiety inventory test pdf the impact.

Subsequent to bringing cars under the GST regime, the GST rate on cars has been fixed at 28% for all personal use vehicles featuring a petrol or diesel beck’s anxiety inventory test pdf driven engine. However, in addition to GST, a composition cess is also applicable to cars over and beck’s anxiety inventory test pdf above the GST rate. Thus the overall tax rate applicable to vehicles under GST beck’s anxiety inventory test pdf ranges from 29% to 50%. Lower rates of taxation are however applicable to cars driven beck’s anxiety inventory test pdf by cleaner technologies such as fuel cells (including hydrogen fuel cell) and electric vehicles. Know more about GST on cars GST on gold

Subsequent to introduction of GST on items made from gold beck’s anxiety inventory test pdf such as gold jewelry, the current GST rate on gold is 3%. However, a 5% GST rate is applicable to making charges applied to gold beck’s anxiety inventory test pdf jewelry in case the manufacturing is outsourced to a job beck’s anxiety inventory test pdf worker. This can however, be charged as input tax credit (ITC) by the jeweler and only a 3% GST charge is applied to the final bill paid by beck’s anxiety inventory test pdf the purchaser of gold jewelry items. Know more about GST on gold and impact of GST beck’s anxiety inventory test pdf on the gold industry GST on real estate

GST is applicable to real estate purchases only if you beck’s anxiety inventory test pdf are purchasing an under construction property. The GST rate applicable to such commercial or residential transactions beck’s anxiety inventory test pdf is 12% till 31st march 2019. From 1st april, the applicable GST rates on residential real estate will be beck’s anxiety inventory test pdf 5% for non-affordable housing properties and 1% for affordable housing properties. No GST is applicable in case you are purchasing a beck’s anxiety inventory test pdf ready to move in property. Additionally, different GST rates are applicable to various building materials used beck’s anxiety inventory test pdf in the construction of houses/flats. This can range from 5% (sand, marble rubble, etc.) to 28% (cement, etc.). Know more about GST impact on real estate in india beck’s anxiety inventory test pdf GST on food

Food items especially fresh food mostly carry a nil GST beck’s anxiety inventory test pdf rate. However, packaged food stuff and semi-processed/processed foods do feature GST rates starting from 5% up to 18%. While no food stuff are currently included in the highest beck’s anxiety inventory test pdf 28% GST bracket, the 18% rate of GST is applicable to some common food products beck’s anxiety inventory test pdf such as chocolates as well as baked goods such as beck’s anxiety inventory test pdf cakes. Know more about applicable GST on food upcoming products in beck’s anxiety inventory test pdf GST rates slab

Till date, there has been 32 GST council meetings till january 2019 beck’s anxiety inventory test pdf in which the council has recommended various relief measures regarding beck’s anxiety inventory test pdf GST rates on goods and services. GST council meeting is chaired by the finance minister providing beck’s anxiety inventory test pdf clarification and recommendation regarding various changes made in the GST beck’s anxiety inventory test pdf rates of the goods and services. GST council meetings

32 nd GST council meeting: the 32 nd GST council meeting held on 10 th beck’s anxiety inventory test pdf january 2019 did not feature any announcements in terms of beck’s anxiety inventory test pdf GST rate rationalization however the decisions did feature a focus beck’s anxiety inventory test pdf on smaller businesses. One of the key decisions at this GST council meeting beck’s anxiety inventory test pdf was the introduction of a GST composition scheme for individuals/businesses providing services or mixed services (other than restaurant services) with a turnover limit of rs. 50 lakhs with a tax rate of 6%. Additionally, the exemption for other schemes registered under composition scheme was beck’s anxiety inventory test pdf also increased to rs. 1.5 crore from the current level of rs. 1 crore (for plains states). Know the other GST changes proposed by the 32 nd beck’s anxiety inventory test pdf GST council meeting

31 st GST council meeting: the 31 st GST council meeting held on 22 nd beck’s anxiety inventory test pdf december 2018 featured a number of rate changes in terms beck’s anxiety inventory test pdf of goods and services. However no goods or services witnessed an increase in rates beck’s anxiety inventory test pdf and the decrease in rates included tax rate change from beck’s anxiety inventory test pdf 5% to nil (packaged vegetables, etc.) as well as 12% to nil (music books). Some key construction materials also witnessed a reduction in rates beck’s anxiety inventory test pdf such as marble rubble (18% to 5%) and fly-ash bricks (12% to 5%). Know about various GST rate changes proposed at the 31 beck’s anxiety inventory test pdf st GST council meeting

30 th GST council meeting: the 30 th GST council meeting was held on 28 beck’s anxiety inventory test pdf th september 2018 and one of its key highlights was beck’s anxiety inventory test pdf an observed decrease in the revenue gap under the GST beck’s anxiety inventory test pdf regime as compared to the earlier VAT regime. One of the key reasons for this increase was attributed beck’s anxiety inventory test pdf to higher revenue collections from various northeastern states. The council also discussed the imposition of a calamity cess beck’s anxiety inventory test pdf to help distressed states that have been affected by natural beck’s anxiety inventory test pdf calamities such as floods. No GST rates of any products or services were changed beck’s anxiety inventory test pdf at this meeting.

29 th GST council meeting: the 29 th GST council meeting concluded on the 4 beck’s anxiety inventory test pdf th of august 2018. This time around no rate cuts were announced due to beck’s anxiety inventory test pdf data suggesting low GST revenue collections. However, the GST council did propose the development of a mechanism beck’s anxiety inventory test pdf to provide cashback of 20% on various digital transactions up to maximum rs. 100 in order to promote cashless transactions. The decision was also taken to form a panel to beck’s anxiety inventory test pdf examine various tax and compliance relief proposals with respect to beck’s anxiety inventory test pdf small taxpayers and msmes.

The council has brought down the tax rates to 18% from 28% on 15 items including vaccum cleaners, washing machine, TV, paints and others. Sanitary napkins, stone/marble, raw materials for jhadoo and others have got their rates beck’s anxiety inventory test pdf reduced to 0% i.E. Exempted from GST. Now only 35 goods are in 28% bracket. This rates will be implemented from 27 th july.

27 th GST council meeting: the finance minister arun jaitley chaired the 27 th GST beck’s anxiety inventory test pdf council meeting on thursday, 18 th jan, 2018 where certain changes and recommendations were made through a beck’s anxiety inventory test pdf video conference in new delhi. In this meeting, various provisions were made for B2B dealers, GSTR 3B and GSTR 1 filing to be continued same. Furthermore, council also decided to look into the matter of cess beck’s anxiety inventory test pdf in sugar as well as digital transactions.

1 st and 2 nd GST council meeting: the first meeting of GST council was held on 22-23 sep, 2016. It focused on rolling out GST on 1 st arril, 2017. It decided the regulation under composition scheme and GST rates beck’s anxiety inventory test pdf and threshold limit to pay taxes. The second meeting was held on 30 th sep, 2016. GST drafted rules for registration, payment process, returns, invoices and other issues for the taxpayers. GST rates impact on economy

With the implementation of GST, various traders, cloth merchants, private security agencies and many others went on protest against beck’s anxiety inventory test pdf GST rates. Cloth merchants protested against the imposition of 5% sales tax on textiles under the GST regime. The newly added tax system in the country also made beck’s anxiety inventory test pdf the iron, wire dying and steel traders to held a protest against beck’s anxiety inventory test pdf high rates of GST. Steel traders were of opinion that the new tax system beck’s anxiety inventory test pdf has nosedived 40% trade due to high rates and elaborated paper works under beck’s anxiety inventory test pdf the new system.

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