India GST Rates in 2017

The Goods and Services Tax has been one of the key things that have caught the attention of the market given its implications on earnings of companies. The government has kept a large number of items under 18% tax slabs. The government categorized 1211 items under various tax slabs. Here is a low-down on the tax slab these items would attract. Gold and Rough diamonds do not fall under the current rate slab ambit and will be taxed at 3% and 0.25% respectively.

No Tax Goods & Services – No tax will be imposed on items like Jute, Fresh Meat, Fish chicken, Eggs, Milk, Butter Milk, Curd, Natural Honey, Fresh Fruits and Vegetables, Flour, Besan, Bread, Prasad, Salt, Bindi, Sindoor, Stamps, Newspapers etc. Hotels and Lodges with tariff below Rs 1,000, grandfathering service have been exempted under GST.

5% Goods & Services – Items such as Fish Fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, Coffee, Tea etc. will attract tax of 5%. Transport Services, small restaurants will be under the 5% category because their main input is petroleum, which is outside GST ambit.

12% Goods & Services – Apparel above Rs 1000, Frozen meat products, butter, Cheese, Ghee, Dry Fruits in packaged form, Animal Fat, Sausage, Tooth Powder, Ayurvedic Medicines, Umbrella etc. will be under 12% tax slab. Non – AC hotels, business class air ticket, fertilizers, Work Contracts will fall under 12% GST tax slab.

18% Goods & Services – Most items under this tax slab which include Footwear costing more than Rs 500, Biscuits, Flavored refined sugar, Pasta, Cornflakes, Jams, Sauces, Tampons, Camera, Speaker and Monitors etc. AC Hotel that serve liquor, telecom services, IT services, branded garments and financial services will attract 18% tax under GST.

28% Goods & Services – Chewing Gum, Bidis, Pan Masala, Chocolate not containing Cocoa, Hair Shampoo, Ceramic Tiles, Water Heater, Washing Machine, ATM, Vacuum Cleaner, Shavers, Hair Clippers, Automobiles, Motorcycles, Aircraft for personal use etc. will attract 28% tax – the highest under GST system. 5-Star hotels, race club betting, cinema will attract tax 28% tax slab under GST.

“E” Emerges Everything

Many important things, without which we cannot live, surround life. I was thinking about certain important things in one’s life and then suddenly I realize something. I asked my friend about it and start writing on a piece of paper. I appreciate the way she thinks and how fast she thinks. She said many words and I wrote them on paper. What I find is the importance of alphabet “E” in life. I thought that it is the power of “E” which drives everyone life. I will share every word here and will share my views on it. There are many more words but I felt these play an important role or meaning.

The first word came to my mind was Electricity and Electronics items. It is very difficult to live without electronics items these days. With increase in use of electronics items, digitalization is increasing in the world. Soon, India will emerge as the world power in Digitalization. Next is E-commerce. We all know how fast e-commerce business is growing in India. It is expected to reach $11.8 Billion by next year. EBay is among one such company. This year e-commerce businesses all over the world broke many records.

Environment is another word on which major countries of the world are keeping their focus. Increase in global warming and disasters are a major concern. Carbon emission from industries is also an issue. In G20 Summit 2014, President Obama talked about the need of control on Carbon emissions. Then we have the role of Engineers in the world. They are the ones who develop this world.

In life, Entertainment is also necessary. With increase in Sports events, Media, Television channels, and movies, entertainment industry emerges as a new developing industry in the world. Inside the corporate world, ethics of an employee play an important role in driving an organization. Education, Enthusiasm, Eagerness, Emotions are important in life.

Employment level of a country always affects an Economy. More Employment is generated more number of people will earn and spend money which is good for an economy to grow. This is the major concern in Europe since last three-four months. Increase in Empowerment is must for a country. The last and most interesting is the Entrepreneurs. There had been many entrepreneurs in the past and many more are emerging. India will produce the maximum number of entrepreneurs in the world. For me Entrepreneurship is living a lifestyle and creating employment for others.

There are many more words, which start from “E” and are important in life. These are Endurance, Enemy, Example, Everlasting, Excitement, Easy, Emergency, Exercise, Equipment, Europe and many more. All of us use one of these words daily. The idea behind this article was to look out for important words or terms used by people around us and most of them start from “E,” and I realized the power of “E” in one’s life.