GST is touted as a single way to revolutionise India's indirect tax regime by being a more efficient system which will result in better tax compliance and includes more people in the formal economy.
The Good Services Tax Council has fixed the GST rates for products and services in four tax slabs of 5%, 12%, 18% and 28% along with additional cess of selected products and services. The all-powerful council has also exempted some products such as food grains, fresh vegetables, meat, contraceptive as well as services like education and healthcare have also been kept tax free.
- Computer Monitors
- Bamboo Furniture
- Toilet cases
- Handbags of other material excluding wicker work or basket work
- Head gear and parts
- Human hair, dressed, thinned, bleached
- Electrical Filament
- Indoor Game Items
-Bari made of pulses
- Processed Vegetables, fruits and pickle
- Ketchup and sauces
- Currypaste, mayonnaise and salad dressing