LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

GST: A complete guide on products and services getting cheaper or expensive from July 1

In the 14th GST Council meet held at Srinagar, Jammu & Kashmir on May 18, 2017, the Council decided the tax rates for 1,211 items. Majority of the essential goods such as food grains and personal care products have been brought into a lower tax slab under GST.  

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
GST: A complete guide on products and services getting cheaper or expensive from July 1
Starting with the quintessential soap to hotel and restaurant services will become cheaper as they have been brought under a lower tax slab under GST. Image Source: IANS
Written By: ZeeBiz WebTeam
Updated: Sat, May 20, 2017
10:06 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers
Goods and Services Tax (GST) is set to be rolled out from July 1, 2017 and the GST Council, in its meet in Srinagar on May 18, 2017, decided on tax rates for 1,211 items. 

 

Zeebiz found that 43% of the 1211 items have been put in 18% GST slab which are bound to make things cheaper.

14% of the items have been brought under the 5% GST slab, 17% items in 12% tax slab, 43% items in 18% tax slabs and only 7% have been exempted from GST ambit.

Starting with the quintessential soap to hotel and restaurant services will become cheaper as they have been brought under a lower tax slab under GST.

Soap which are currently taxed at 28% will be taxed at 18% under GST. Similarly toothpaste will come down from 22-24% current tax rate to 18%.

Personal hair products - hair oil will become cheaper as it will drop 10% from 28% current tax rate to 18% under GST.

Cereals and food grains that have a current tax rate of 6% and 5% respectively will be excluded from the GST ambit.

Also under goods that are excluded from GST and brought under 0% tax rate are milk and dairy products including fresh milk, pasteurised milk, including separated milk, milk and cream, not concentrated nor containing added sugar or other sweetening matter, excluding Ultra High Temperature (UHT) milk.

Food grains such as wheat, meslin, rye, barley, oats, maize, rice, sorghum, buckwheat, jawar, bajra, ragi, millet and canary seeds will be at 0% tax rate.

Eggs, curd, butter milk, Chena or paneer (except units in containers with a brand name), and natural honey will be at 0% tax rate under GST, the Council said in the GST rate schedule for goods.

Edible oil that is currently taxed between 3-9% will be brought down to 5% under GST.

Tea, coffee and masala that is taxed at 3-9% will be at 5% GST rate.

Processed food items that draw tax rates of 15% will be taxed at 5% under GST.

Coal will come down from 11.7% to GST 5%.

Under services, entertainment services will be brought down from 22% to 18% under GST.

Staying at hotels post the implementation of GST will become cheaper as they are currently taxed at 22% and a posed to be under the 18% tax bracket.

Similarly with restaurants which will come down to 18% from 22% tax slab.

In the second half of the GST Council meet today fixed rates on services as well as products like beedi cigarette, tobacco, footwear, gold, textile, handloom, handicraft, agricultural  equipment and biscuits, will be debated on.

Tax rates for services was decided in the earlier Council meet to differ between 12% and 18% slabs.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTGoods and Service TaxGST CouncilGST Council MeetGST ratesGST cheaperGST expensivefood grainsMilkDairy Productssoaptooth pastepersonal care productshotel servicesrestaurant servicesOilteaCOFFEEFinance MinisterArun JaitleyIndian economyEconomyGST inflation
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

LATEST NEWS

Expert says BUY SBI stock, price target Rs 430, stop-loss Rs 310

ICSE ISC Board Exam CANCELLED 2021: Attention CISCE class 10 class 12 candidates! ICSE class 10 board exam CANCELLED, ISC class 12 board exam POSTPONED

Gold Price today-April 20: Yellow metal down Rs 123 on MCX; check rates in Delhi, Mumbai, Hyderabad and Chennai

Covid-19 vaccine registration step-by-step guide: How those above 18 years can register themselves on CoWIN official website cowin.gov.in

Apex Legends Mobile: Will this game overtake PUBG Mobile, COD Mobile and Free Fire in India? Check here!

Petrol, Diesel Price Today – Rates unchanged on Monday in 4 metros; Get prices in Delhi, Noida, Ghaziabad, other metros

Apex Legends Mobile Beta update: Officially announced; check Pre-Registration link, India availability, more details about the Apex Legends Mobile Launch NOW

Stocks to buy with Anil Singhvi: Indoco Remedies is Sandeep Jain's recommendation today - Here is why

Capco’s acquisition will be completed in Q1FY22: Jatin Dalal, Wipro

ACC soars over 4% on strong RESULTS, Expert says BUY for price target of Rs 2060, support at Rs 1850

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved