GST council in the meeting on 18th May, 2017 decided rates for commodities under GST regime, which is proposed to roll out from 01st July, 2017. Of the 1,211 items, seven per cent are on the exempt list, 14 per cent will be taxed at five per cent, 17 per cent will be taxed at 12 per cent, 19 per cent will be taxed at 28 per cent and the others at 18 per cent.

Highlights are as follows:

1. Cereals, food grain, milk and jaggery will be wholly exempt
2. 5% tax on coal
3. Sugar, tea, coffee, edible oil, life saving drugs @ 5%
4. Automobile might get costlier with 28% GST plus cess
5. Rate structure of textiles, jewellery, biscuits, foot wear, biris, agricultural implements not decided.

To see the GST rates and proposed cess rates, please click the link below:

https://drive.google.com/open?id=0BwfaVqFwg9yDZUJDd1d0cWw5SXc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: Business Standard and Business Line