QR.bizNewsGST rates decided on 1211 items

GST rates decided on 1211 items

GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be decided by the GST Council.

Healthcare and educational services have been exempted from the purview of the Goods and Services Tax (GST).

Most personal care products will be taxed at 28% except hair oil, soaps and toothpaste, whose tax rate is 18%. All cars will come attract 28 per cent tax - the highest tax slab - and the only differentiation between small and big cars will depend on a variable cess.

Other household commodities such as sugar, tea, coffee and edible oil, termed as processed food that has daily use, will fall under the 5 percent bracket.

The tax reform will subsume central and state levies such as excise duty, additional duties of customs, service tax, value added tax, central sales tax, entry tax, octroi and luxury tax and is expected to clean up the messy indirect tax structure.

Addressing the media after the 2-day GST Council meeting in Srinagar, finance minister Arun Jaitley said, GST will be levied at 5 per cent on cab aggregators like Ola and Uber. "Exemptions and issues related to reverse charge mechanism have not been finalised, and looks doubtful that it will be done in a day", said Taxmann.com Senior Consultant V.S Datey.

"Rates have been finalised for the rest", he said, adding GST for packaged food items is to be finalised later.

Revenue Secretary Hasmukh Adhia said that of the over 1,200 items to be considered under GST, 7% have been put under the exempt list. Rate for hotels with tariff of Rs 1,000-2,000 per day would be 12 per cent while those with tariff of Rs 2,500 to Rs 5,000 would be 18 per cent. GST for hotels with tariff above Rs 5,000 would be 28 per cent.

The SUV segment, which has seen handsome growth of 29.91% in FY2017, is now subjected to a heavy tax structure of around 55 percent - SUVs and large cars with engines bigger than 1500cc. Large cars with engine greater than 1,500 cc and SUVs with length more than 4 metres and engine greater than 1,500 cc will attract cess of 15 per cent.Earlier this year, government withdrew incentives given to mild hybrid vehicles under FAME India scheme. Only 19% of goods will be taxed above 18% and 81% of items to fall under below 18% GST rate slabs, he had said.

However, states like Maharashtra levy more around 50 per cent entertainment tax on movie tickets. "However, services will get the benefit of input tax credit for the goods used, so real incidence of taxation will be lower than the headline rate", Isaac added. However, we did not take 11 hours to analyse the bill. There is no increase. "We should have given more time to go through the GST and VAT Bills", Mishra said. "We will bring the GST bill during the next 30 days in the state Legislature".

"There is no increase in overall tax in any of the items, while there is a reduction of tax on numerous items", Jaitley said.

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