Amended GST Rate List For Your Daily Products And Services Taxes are charged on several products and services but the people don't know how the tax system works. To give the knowledge of the tax system to common people and increase the growth of the country’s economy the new GST rate list has been decided. What is a GST rate? The GST is the Goods and Service Tax that is charged on every single product from matchstick to a luxury car. GST rates are changed after the recent GST council meeting held by the Finance Minister Nirmala Sitharaman. Read the given article to know the GST rates chart for the product and services. Passed GST rate list after the 37th GST council meeting India’s finance Minister Nirmala Sitharaman decided to change GST rates on certain products and services on the 37th GST council meeting. The reason for the change in GST is to increase the productivity of the nation. Look at the below mentioned GST rates chart or slabs to know about the current charged GST. Product and Services Under 5% GST Rate: Government lowers the GST rates for marine fuels, outdoor catering, wet grinder, specified petroleum products, etc. Before the amendment of the GST rate list, these products and services are charged with 18% GST. Products under zero to 3% GST rates chart: The rates are also nil on certain products like plates, flowers, leaves, dried tamarind, etc. Under the new GST rate list, taxes are reduced on petrol and diesel vehicles and came down to 1%-3%. Product with high GST rates: There are several products whose rates have been increased in GST rates chart and one such product is caffeinated beverages. Also, other luxury items like AC, refrigerators, cigarettes are charged with 28% GST rate. Effect of new GST rate list on your daily expenses The GST is reduced on hotel tariffs to make it convenient for travelers and tourists to enjoy their stay in India. Another reason behind this decline in the GST rates chart of hotel tariff is to promote the Indian tourism industry. Tourists who have to pay previously 28% to 18% GST on hotel bookings now have to pay just 18% to 12% GST. Now, travel can be more comfortable with lower charged GST on your hotel bookings. So till now, the GST rates chart would be clear to you then buy the desired products and use andy of the services because the new GST rate list made everything affordable for the users. The rates are increased only for luxury products that are not commonly used by a large number of people. And, GST is increased for toxic products like cigarettes so that the people wouldn’t afford it and there will be lesser number of smoking health problems. So, you can say that the
new GST rates chart is perfect to manage your daily expenses and can benefit in many ways. The rates are reduced only for the useful products and services and the new rates can change the dynamics of the Indian economy.