The GST Council determines the GST slab rates for both goods and services. Additionally, the GST Council also reviews these slab rates on a regular basis.
What are GST Slab Rates?
GST slab rates are the rates of taxes imposed on sale of the goods or services under the CGST, SGST and IGST Acts. The rate of tax under the CGST and SGST are almost the same as they are intra-state transactions. Whereas, the rate of tax under the IGST is the sum total of CGST and SGST (approx.) and is an inter-state transaction.
These GST slab rates classification is into 5 rates namely
0%
5%
12%
18%
28%
GST Slab Structure
0% GST Slab Rate Category
The goods and services that attract no tax i.e., 0% GST are as follows:
5% GST Slab Rate Category
List of goods and services on which 5% GST rate is applicable are as follows:
12% GST Slab Rate Category
12% GST is attracted on the followed goods and services:
18% GST Slab Rate Category
Goods and services that attract 18% GST rate are as follows:
28% GST Slab Rate Category
Luxury items or items which are not a necessity usually attract 28% GST rate. The list of goods and services which attract 28% GST are as follows:
Latest GST Slab Rates Revisions
The revisions in GST slab rates have been made through the following GST Council Meetings:
– Firstly, 45th GST Council Meeting
– Secondly, 44th GST Council Meeting
– Thirdly, 43rd GST Council Meeting
– Lastly, 42nd GST Council Meeting
45th GST Council Meeting
45th GST Council was held on 17th September 2021. Accordingly, the amendments in GST rates are as follows
Extension of existing concessional rates on COVID-19 medicines
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Reduction of GST rates on COVID-19 medicines
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GST Rates on other goods
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GST Rates on other services
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44th GST Council Meeting
The revisions in GST rates through the 44th GST Council Meeting was in relation to COVID-19 items. The changes are as follows:
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43rd GST Council Meeting
– GST on the export of relief goods will be exempted and will stay in effect until 31 August 2021.
– GST on the import of certain medicines are also placed under the exemption list.
– Any Covid-related relief item that’s been imported with the intention of donating to the government or any relief organization will be exempted from IGST till 31 August 2021.
– Amnesty Scheme was announced by the finance minister to reduce late fee returns. Small taxpayers can file GST returns under this scheme.
42nd GST Council Meeting
Sanitisers that are non-alcoholic will continue to be taxed at 18% GST.
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