Goods and Services Tax is a tax collected at the source whenever someone purchases an item that comes under the GST.
It stands for the Goods and Services Tax which is a comprehensive tax and the rate of which is decided by the GST Council headed by the finance minister.
The implementation of the GST started in July 2017 and ever since that, the GST collection has seen an amazing jump.
The GST council, which is responsible for determining the tax rates, periodically revises the rates based on various factors such as economic conditions, revenue collections, and the needs of various industries.
Goods and Services Tax (GST) is a value-added tax that has been implemented in India since July 2017, replacing the previous complex taxation system. GST is levied on all goods and services sold within the country and has a significant impact on businesses and consumers alike.
It is essential to stay updated on the changes in the GST rate as it impacts the pricing and cost of goods and services. In this article, we will discuss GST Rates 2023 – List of Latest Goods and Service Tax Rates Slabs, etc.
GST Rate List (Item Wise & HSN Code)
The following are the GST Rate list item wise along with the HSN Code-
|Category Name||HSN Code||GST Rate|
|Rakhi, Rakhi Thali||2500||0|
|Quotation Book, Scrap Book, Autograph Book, Remembrance Book, Slam Book, Record Book||4901||0|
|Books & Periodicals||4902||0|
|Drawing Book, Children’s Picture||4903||0|
|Handloom Shawls, Scraf, Stole||8400||0|
|Imitation Jewellery, Crystal Jewellery, Fashion Jewellery, Bracelet,Bands||7117||3|
|Paper Sheet, Printed Paper||4901||5|
|Readymade Garments, Caps, Tie, T-Shirt||5208||5|
|Note Book & Dairy||4820||12|
|Unicef Card & Calendars||4910||12|
|Address & Telephone Index||8517||12|
|Ribbon & Bows||9701||12|
|Bags – Others||4202||18|
|Bags – Leather||4202||18|
|Ladie’s Purses & Bags||4202||18|
|Note Pad Holder||4800||18|
|Cork Screw Set||7012||18|
|Crystal Show Piece||7012||18|
|Steel Finish Products||7323||12|
|Cd’s & Cassettes||8500||18|
|Watches Above 5000||9101||28|
The GST rate list is the list of rates of different goods and services which are subject to the GST. It is decided by the GST Council periodically and is based on the economic need of various industries as well as the general population. Currently, GST is charged at 0, 3, 5, 12, 18, and 28% GST on Goods and Services.
GST rate list affects the price of the goods and services in the market and with an increase in GST rate, the customer has to pay more for the product hence, decreases the demand for the product in the market resulting in a reduction of the price of the goods as well as a reduction in the profit of the business, vice-e-versa is also true.
The cost of the goods increases or decreases with the new GST rate implementation. The reduction in tax rates for certain items may lead to a decrease in prices, while the increase in tax rates for other items may lead to an increase in prices.
GST Council is responsible for deciding the GST rates and is updated periodically. GST council headed by the finance minister meets every few months and discusses the GST rates to ensure they manage the
For purchasing a new car, the GST Rate of 28% applies to the car. The high rate of tax is implemented due to its consideration of luxury items.