In India, GST is the largest tax-related
reform in the country bringing uniformity in the structure of taxation and
reducing the cascading of taxes that were charged in the past. To revise the
goods and services rates for various products, the GST council meets time to
time. Many industries and states recommend a reduction in this tax rate for numerous
products which are discussed in these meetings.
GST Rates in India stands for Goods and Services Tax and classified into 3 types.
Find Out GST Rates in India on a Few Common Products
|
Tax Rates |
Products |
|
0% |
Wheat, oats,
rye, palmyra jaggery, all kinds of salt, kajal, picture books, sanitary
napkins, music books, frozen vegetables, human hair, barley, etc. |
|
5% |
Household
necessities like spices, sugar, tea, oil, and coffee (except instant).
Mithai, coal, and life-saving drugs are also included in this GST slab. |
|
12% |
This tax
slab covers processed food and computers. |
|
18% |
Soaps, hair
oil, toothpaste, industrial intermediaries & capital products are
included in this tax slab. |
|
28% |
All the
luxury products are covered in this tax slab including premium cars, small
cars, high-end motorcycles, refrigerators, AC, etc. |
GST Rates with HSN
Code
HSN
is a globally accepted product coding system. It is currently used under VAT
laws, customs, and excise as well as proposed to be used under GST law for the classification
of goods.
Under
Goods and Services Tax law, it is used by a taxpayer for the classification of
products will be based on the taxpayer’s yearly turnover. This code needs to be
confirmed on the tax invoice as well as reported while filing the GST returns.
Why Do You Need a GST Rates Finder Tool?
The
taxation system in India is categorized over 1211 products for levy of GST
under 5 broad tax slabs. These slabs are 0%, 5%, 12%, 18%, and 28%. It is
crucial to know in which of these categories your item has been classified. You
can simply find out that with a search by using commonly used word for the
product. GST finder tool can be used to find out HSN code for the products for
invoicing purposes.
The
complete and updated list of GST Rates in India is available
at our web portal, check out now.
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