# 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 2 (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%
Further, GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 18th May, 2017] is attached herewith. The Council has broadly approved the GST rates for goods at 0%, 5%, 12%, 18% and 28% to be levied on certain goods. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.
GST Council will meet again tomorrow and discuss the rate slab for important goods like gold, beedi, etc and Services tax rates.