Goods and Services Tax India Introduced
How are the tax slabs that came into effect after the Goods and Services Tax (GST) was introduced?
1.No tax on will be imposed on items like jute, fresh meat, fish, chicken, eggs, milk, buttermilk, curd, natural honey, fresh fruits and vegetables, flour ,besan ,Prasad, salt, bindi, sindoor, stamps Judicial papers, printed books, newspapers, bangles, handlooms, bones and horn cores, Bone Grist, bone meal, hoof meal, corn meal, cereal grains hulled, Palmyra jaggery, salt – all types, Kajal, Children’s picture/drawing/colouring books and human hair.
A.Hotels and lodges with a tariff below Rs 1,000 will also attract no tax.
B.Grandfathering service has also been exempted under the GST.
C.Rough precious and semi-precious stones, however, will attract a GST rate of 0.25 percent.
2.Goods that will attract a tax rate of five percent will include fish fillet, apparel below Rs 1000, Packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables. Coffee, tea, spices. Pizza bread, rusk, sabudana, coal, medicines, stent, lifeboats.
India launched its ambitious pan –India indirect tax regime, the Goods and Services Tax (GST) At the stroke of midnight hour on July 1 to bind the country into a regime of “One Nation, One Tax, One Market”.
At a gala event to launch the Goods and Services Tax (GST) at the historic Central Hall of Parliament, Prime Minister Narendra Modi said the indirect tax reform is a result of combined efforts of various political parties at different points of time. “Albert Einstein had once said that if there is one thing is most difficult to understand, it is income tax. I wonder what he would have said had he seen our tax system he quipped.