GST (Goods & Services Tax) India 2017

June 28, 2017

Goods & Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments.From the date of GST for a period of five years.
GST is launching from 1 July 2017 midnight by PM Narendra Modi.
 The following Taxes will be bound together by the GST 
  1. Central Excise Duty
  2. Commercial Tax
  3. Value Added Tax (VAT)
  4. Food Tax
  5. Central Sales Tax (CST)
  6. Octroi
  7. Entertainment Tax
  8. Entry Tax
  9. Purchase Tax
  10. Luxury Tax
  11. Advertisement tax
   GST (Goods and Services Tax)
 GST Mechanism and Model 

 GST rates item wise list 
Under GST, goods and services will be taxed at the following rates, 5%, 12%, 18%, 28%.

Special rate of 0.25% on rough precious and semi-precious stones and 3% on Gold.
GST will be levied on petroleum and petroleum products (daily changes in fuel prices in India).

GST on Electronics (28% GST Slab) 
Smart Phones = Currently tax of around 13.5% on Smartphones, but it will come down to 12% after 30 June 2017.

DSLR Camera, IT Electronics appliances Laptops, Computers, Monitors, Speakers.

Home Electronics appliances = TV, Washing machines, Refrigerators, Vacuum Cleaner, Dish Washers, Water Heater, Mixer, Toaster, Weighting Machine, Shavers, Trimmer, Iron.

GST on Medicines (12% GST Slab) 
Presently Tax on Medicines 14%. but with GST , It will come down to 12%.

GST on Two-Wheelers & Cars (29% GST Slab) 
Presently Tax on Bike & Scooters 30%(Now) but, with GST It will come down to 28%.
Small Cars 40% (Now) but, after effect with GST It will come down to 29%.
Luxury Cars 46% (Now with surcharge) but, after effect with GST It will come down to 43%.

GST on Clothes-Dresses (5% or 12% GST Slab) 
5% GST Tax on Bellow 1000Rs Cloths.
But with high-end cloths it will increased 8% (Now) to 12% (GST Slab).

GST on  Entertainment (5% or 18% GST Slab) 
For Cinema, Theater, Cable, DTH(Direct-To-Home) all entertainment tax will come down 36%(Now) to 18%(GST Slab).

GST on  Restrurents (5% or 12%GST Slab) 
Which restaurants have yearly income bellow 75 lakhs ,they will pay 5% GST Tax.
For High-end AC-restaurants it will increased Upto 12% (GST Slab).

GST on  Plane-Services (5% or 12%GST Slab) 
For Echonomy-Class it will decreased 5.60%(Now) to 5% (GST Slab).
For Business-Class it will increased 8.40%(Now) to 12% (GST Slab).

GST on  Train-Services (GST Slab) 
From 1st July 1st-2nd-3rd Classes Train-fare will increased.

GST on  Banking-Services (18% GST Slab) 
Extra Tax will Pay for Banking-Services(like: Demand Draft & Fund Transfer) Now 15% Tax , after GST it will increased at 18%.

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