Goods & Services Tax is going to be rolled out from July 1st all over the Nation. GST Council chaired by Finance Minister Arun Jaitley finalized tax slab on few more products during the recent meeting.
GST Slab:
Footwear costing up to Rs 500 will be taxed 5 Percent. Those Above Rs 500 mark fall in 18 percent tax slot.
Fabric of any category was levied 5 percent tax.
Man-Made Apparel up to Rs 1,000 would be taxed 5 percent. Whereas, Apparel costing above Rs 1,000 will be levied 12 percent.
Packaged & Branded Food Items will attract 5 percent tax
Highest tax rate of 28 percent was imposed on Bidi
While biscuits costing up to Rs 100 per kg will attract an average tax of 20.6 percent, Those costing above it would be taxed 23.11 percent.
Current 2 percent tax on Gold has been increased to 3 percent. Input Tax Credit can be claimed for gold jewellery manufacture.
Solar Panel Equipment will attract 5 percent tax.
GST - What will be costlier?: Gold, TVs, ACs, Mobile Bills, Shampoo, Deodorants, Make-up Material.
GST - What will be cheaper?: Food Grains, Footwear below Rs 500, Smartphones, Transportation, DTH Services, Soaps, Toothpastes, Electricity and Less expensive Cars.
GST Slab:
Footwear costing up to Rs 500 will be taxed 5 Percent. Those Above Rs 500 mark fall in 18 percent tax slot.
Fabric of any category was levied 5 percent tax.
Man-Made Apparel up to Rs 1,000 would be taxed 5 percent. Whereas, Apparel costing above Rs 1,000 will be levied 12 percent.
Packaged & Branded Food Items will attract 5 percent tax
Highest tax rate of 28 percent was imposed on Bidi
While biscuits costing up to Rs 100 per kg will attract an average tax of 20.6 percent, Those costing above it would be taxed 23.11 percent.
Current 2 percent tax on Gold has been increased to 3 percent. Input Tax Credit can be claimed for gold jewellery manufacture.
Solar Panel Equipment will attract 5 percent tax.
GST - What will be costlier?: Gold, TVs, ACs, Mobile Bills, Shampoo, Deodorants, Make-up Material.
GST - What will be cheaper?: Food Grains, Footwear below Rs 500, Smartphones, Transportation, DTH Services, Soaps, Toothpastes, Electricity and Less expensive Cars.