GST or Goods and Services Tax, the upcoming indirect tax regime slated for a July 1 rollout, is expected to bring a slew of surprises to the common man. Touted as the biggest tax reform since Independence in 1947, GST will subsume all major levies including excise, service tax and VAT or value-added tax. The Central Board of Excise and Customs (CBEC), a part of the Department of Revenue under the Ministry of Finance, has released a list of GST rates - titled "GST for common man" - on everyday items used by the common man. Items such as unbranded atta/maida/besan, unpacked food grains, milk, eggs, curd, lassi, fresh vegetables and contraceptives are among the items exempted from GST, the CBEC said. "81 per cent of items to fall in/below 18 per cent GST slab. Only 19 per cent (about a fifth) of goods will attract GST above 18 per cent," it said.
Here's a list of everyday items as given by the CBEC and the tax rate you will have to shell out once GST kicks in:
#GST For Common Man- Low Prices and High on Happiness.
Goods exempt from GSTServices exempt from GSTGoods attracting 5% GST12% GST18% GST28% GST
Please like, tweet and subscribe for more #GST related updates. pic.twitter.com/6XW0alUXsv— CBEC (@CBEC_India) June 7, 2017Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
