Breaking news: GST rates released in India: Checkout what gets cheaper and what gets costlier
Prices will change after the Goods and Services Tax is implemented from July 1, 2017. While the GST rates released by the government do not hurl any major surprises for most products, it is still early to comment on the overall effect of the new tax law. The GST council, the body responsible for coming out with a set of rates, has finalized tax slabs for goods of consumption. While 7% items are exempt, 14% are in the lowest bracket of 5%. Around 17% items are in 12% tax bracket, 43% in 18% and 19% in the top tax bracket of 28%. This translates into the fact that a majority of the items will have 18% or less GST. No GST tax slab Foodgrains, milk and other articles of daily use have been exempted from taxation under the GST regime. foodgrains | gur | milk | eggs | curd | lassi | unpacked paneer | honey | vegetables | fruits | atta | besan | maida | vegetable oil | common salt | contraceptive | bread | stamp | books | bangles 5 per cent tax slab Items of ...