Saturday, July 1, 2017

What are the most impacted items due to GST on each items categories

Goods and Services Tax (GST): At the stroke of midnight on July 1, 2017, 70 years after gaining independence from British colonisers, India will have another “Tryst with Destiny” as the country will go under a complete tax overhaul. The new tax regime, the Goods and Services Tax (GST), will bring massive changes in one of the largest economies of the world. The GST will change the way people conduct businesses in India as the country will become a single market with a single tax rate, irrespective of the state you conduct your business in. Barring a few exemptions, from the smallest entity on the economic food chain to multi-billion conglomerates, no one will stay untouched by the GST. The effect of the new tax regime will be proportional to the size of the entity but ultimately it will be the end user who will bear the brunt of higher tax rate or get the benefits of lower taxes.

For example, most of the services, for which we pay 15 per cent service tax, will be bracketed into 18 per cent tax slab but some will also get cheaper with 5 per cent tax slab. Either way, it will take a while to understand how much tax we are paying on a particular product or service. To make your transition easier, we have compiled an item-wise list of a plethora of products and their corresponding tax rates.

Complete list of GST rates for all the items: 
Impact of GST on Food items

No tax (0 per cent GST)

Unpacked foodgrains, fresh vegetables and fruits, unbranded atta, maida, besan, gur, milk, eggs, curd, lassi, unpacked paneer, unbranded natural honey, palmyra jaggery, salt, fresh meat, fish, chicken, butter milk, cereal grains hulled

India Tv - GST: Foodgrains, common man items to get cheaper under GST

5 per cent

Sugar, tea, roasted coffee beans, edible oils, cream, skimmed milk powder, milk food for babies, packed paneer, frozen vegetables, cashew nuts, spices, pizza bread, rusk, sabudana, Raisin, fish fillet, packaged food items.

India Tv - GST impact: Small restaurants pulling away from online

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