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INDIA: Goods and Services Tax Bands Formally Announced

More than 1,200 individual goods and services have now been allocated across the four tax tiers specified under the terms of the incoming Goods and Services Tax (GST), the centrepiece of the government’s bid to rationalise the country’s indirect tax system, which formally comes into effect from 1 July. 

A premium tax rate in excess of 28% is reserved for certain designated products, including tobacco and luxury cars, while a number of products and services deemed to be essential will be zero-rated. These include fresh meat, fish, chicken, eggs, milk, natural honey, fresh fruits and vegetables, flour, bread, salt, and newspapers.

A brief guide to goods, services and designated tax bands is provided in the table below.  The full list of goods can be accessed here, with the full list of services available here.

Table: GST Rate Bands
Table: GST Rate Bands

 

Content provided by Picture: HKTDC Research
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