Goods and services tax slab rates, 2023 in India continue to be levied under the five key slab rates namely – 0%, 5%, 12%, 18%, and 28%. Having said that, the slab rates aim to simplify the taxation system while ensuring a balance between revenue generation and consumer affordability in 2023.
In addition to the above slab rates of goods and services tax (GST), the GST is of three types namely IGST, CGST, and SGST/UTGST. IGST is for the inter-state supply of goods or services whereas, CGST and SGST/UTGST are for intrastate supply of goods or services.
Now, let us state the GST slab rates for each category.
GST Slab Rates, 2023: Categories
The GST rates in India in 2023 have four different GST slabs: 5%, 12%, 18%, and 28%. Goods and services tax in India are taxable at different rates on the basis of their nature, category, as well as usage.
The following table enlists the GST slabs for different categories in India in 2023:
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GST Rates 2023 on goods & services – 0% or NIL Rated items
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Also Read: Know Types of GST Returns, Filing Period & Due Dates
GST Rates on goods and services – 5%
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Slab Rates 2023 on Goods & Services – 12%
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Also Read: Latest Rules related to setting off of Input Tax Credit
GST Rates on goods & services – 18%
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GST Slab Rates on Goods – 28%
Through the 50th GST Council Meeting, the following changes have been made in the GST slab rates of 2023:
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From the above slab rates of goods and services tax, it is safe to say that more the goods or services are of non-common use, the higher the GST rate will be & vice versa.
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