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| GST simplified list of products |
GST rates for services:
- Works Contract - 12%
- Gambling, Casinos, Race, Cinema - 28%
- Health care, education - exemption
- TRansport - 5%
- Restaurants with turnover less than 50 Lakhs - 5%
- Non AC restaurants - 12%
- AC Restaurants - 18%
- Hotels with tariff less than 1000/- per night - exempted else 12%
- 5 star and luxury hotels - 28%
Textiles, Bio Diesel, cigarette, Bidies, Agriculture and gold will be decided on 3rd June.
Brief Summary of GST Rate Schedule for Goods
Nil Rate:
- Milk- Curd
- Butter milk
- Live trees & other plants
- Cut flowers
- Fresh fruits & vegetables
- Cereals, flour, atta, besan & maida (without brand name)
- Bread, pappad, puffed or beaten rice
- Common salt
- Contraceptives
- Kumkum, bindi & sindoor
- Plastic bangles
- Stamps & judicial papers
- Newspapers, periodicals & journals
- Printed books
5% Rate:
- Cream- Skimmed milk powder & milk food for babies
- Products of animal origin
- Frozen fruits & vegetables
- Coffee & tea
- Spices
- Cereals, flour, atta, besan & maida (with brand name)
- Natural gums & resins
- Vegetable fats & oils
- Cocoa beans, paste & shells
- Pizza bread
- Rusks & toasted breads
- Ores & concentrates
- Coal, coke, kerosene & LPG
- Brochures & leaflets
- Building bricks
- Renewable energy devices
- Railway locomotives
12% Rate:
- Butter & cheese- Dry fruits
- Fruit & vegetable juices
- Namkeens, bhujia, mixture, etc.
- Marble & granite blocks
- Bio-gas
- Ayurvedic medicines
- Tooth powder
- Agarbatti
- Candles
- Umbrellas
- Copper or aluminium utensils
- Bicycles & other cycles (not motorised)
- Hand propelled & animal drawn vehicles
- Spectacle & contact lenses
- LED lights or fixtures
- Pen & pencils
- Sanitary towels, napkins, tampons & diapers
- Works of art, collectors' piece & antiques
- Cellphones
18% Rate:
- Refined sugar- Sugar confectionery
- Pasta
- Corn flakes
- Pastries & cakes
- Jams & fruit jellies
- Preserved vegetables
- Sauces
- Soups & broths
- Ice creams
- Instant food mixes,
- Sharbat
- Supari
- Mineral water
- Vinegar
- Hair Oil
- Soap
- Matches
- Toilet or facial tissue
- Cigarette paper
- Registers, account books & note books
- Refractory bricks
- Ceramic tableware & kitchenware
28% Rate:
- Chewing gum & bubble gum- Cocoa powder, butter, fat and oil
- Chocolates & other food preparations containing cocoa
- Pan masala
- Aerated water
- Paints & varnishes
- Perfumes
- Sunscreen
- Beauty or make-up preparations
- Shampoos, hair cream or hair dyes
- Dental floss
- Shaving related products
- Deodorants
- Fireworks
- Signalling flares
- Articles of leather
- Plywood & vineered panels
- Wall papers
- Air-conditioning machines
- Refrigerators
- Washing machines
- Printers & photo copiers
- Vacuum Cleaners
- Speakers
- Monitors & projectors
- Motorcars, motor vehicles & motorcycles
- Camera
- Wrist-watches
- Musical instruments, its parts & accessories
- Mattress supports
- Lamps & lighting fittings
- Video game consoles & machines
Certain important points noted are :
# GST will 100% be implemented on 1.7.17
# Types of taxation in GST
IGST : Integrated GST
CGST : Central GST which with replacement CST
SGST : State GST which will replace VAT
# WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17
# Registration certificates will be issued online
# there will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.
# 5 forms on different dates have to be submitted every month
R1 form on 10th
R2 form on 13th
R3 form on 15th
R4 form on 17th &
R5 form or final returns on 20th
You cannot file revised returns at all. Once filed on 20th is final.
# tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.
# In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.
# be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake
# your firm rating will be done by the system. Based on the rating audit trials will be conducted.
# proposed e sugam for ₹50000 & above value only.
# proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40
# 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services
# You need to submit 17 documents for migration to GST
# Most products MRP to come down.
# Distribution + C & F channel under threat
# All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.
# All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.
# The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.
# All books & records to be maintained on daily basis.
# You will need a full time accountant in your shop/office to maintain books under GST.
# All travel & tour expenses related to business have to be claimed under firm name.
# If your vendor does not upload his bills within 180 days , you will not get tax credit.
# You cannot claim credit for material in stock beyond one year.
# They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.
# All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.