GST tax slabs and due dates

GST Tax Slabs

In India, there are 4 types of GST slabs. Essential household items and life saving drugs are taxed at 5%. Products such as processed food or computers are charged as 12%. Products like hair oil, soaps, sanitary napkins, industrial intermediaries and services are taxed at 18%. Luxury goods are taxed at 28%. Basic necessity goods come under the exempt list, which means they are not taxed.

GST Slab of 5%

This GST slab normally covers the basic amenities or very small industries. The items covered under this slab includes  sugar, oil, spices, tea, coffee, coal, fertilizers, ayurvedic medicines, agarbatti, cashew nuts, sliced dry mango,  sweets, unbranded namkeen, handmade carpets, life-saving drugs, fish fillet, lifeboats.

Also services like railways, airways, AC and Non-AC restaurants, takeaway food, hotel rooms with a tariff less than ₹ 7,500, and special flights for pilgrims are covered in this GST slab.

GST Slab of 12%

Various other items are included in this slab like mobile phones, umbrella, sewing machine, jewelry box, processed foods like frozen meat, fruit juices, butter, cheese, ghee, etc

Also services like business class flight tickets and movie tickets below ₹ 100 are covered under this slab.

GST Slab of 18%

This GST slab majorly covers the remaining items that are not covered under the above two slabs. The items in this slab includes pasta, pastries, ice-cream, hair oil, safety glass, mineral water, hair shampoo, oil powder, water heaters, detergent,  washing machine, leather clothing, scent sprays, cookers, cutlery, binoculars, artificial flowers, after-shave lotions, shaving cream, wristwatches, suitcase, briefcase, furniture, stationery items, mattress monitors, television screen, lithium-ion batteries, video games are covered.

Majorly services like Banking stock broking and other financial services are included in this GST slab. Also service like restaurants within hotels with tariffs are above ₹ 7,500, actual hotel bill below ₹ 7,500, movie tickets above ₹ 100 are also covered in this gst slab.

GST Slab of 28%

This GST slab is generally covers luxury or not preferred goods with more than 200 items coverage like high-end motorcycles, cars, durable consumer products, cigarettes, pan masala, weighing machine, cement.

Also services included in this GST slabs are like racing, betting in casinos, the actual bill of hotel stay above ₹ 7,500.

Apart from above GST tax slabs, a special rate of 0.25% is levied on semi-polished and cut stones.

GST Returns

GST Return refers to the document which contains the details of income that is to be filed with the tax authorities, as per the law. Under the GST, a registered dealer is supposed to file GST returns containing purchase, sales, output, GST on sales and GST paid on purchases. Taxpayers have to file two returns every monthly and one return every year. There is no way for revision, and unreported invoices from the past can be included in the present month.

GSTIN

GSTIN is a unique identification number that is assigned to each and every GST taxpayer. GSTIN has to be verified by logging on to the GST portal.

GSTN

GSTN stands for Goods and Service Tax Network and is a non profit, non government, private limited company which is a network that helps you in preparation, filing and getting returns of your indirect tax liabilities.

GST Returns and their Due Dates