Gold, Diamond, Footwear and Others Receive Fixed GST

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Jun 08, 2017 Share

 

Certain products like textile, footwear, biscuits, and gold have now been imposed a fixed GST on Saturday. When the GST on most of the goods was confirmed last month only, the GST on cigarettes was left to be decided in the subsequent council which is to be held on June 11. A number of tax slabs have been introduced and it varies product wise. Especially, with the introduction of the four-tier structure by GST council, a new verge of taxation for both goods and services has been initiated. When gold was expected to be taxed at 2 percent, the new GST is going to put a slab of minimum 5 per cent. Despite the proposal of keeping the GST on gold below 5 per cent, a higher VAT has been charged in different states.

Also Read: What is GST & benefits of GST

Diamonds have been decided to exert a GST of 3 per cent, while rough diamonds will receive a tax of 0.25 per cent. Also, a number of other gems and jewelry have attracted certain taxes which seem to bring in a significant change in the entire financial scenario. However, among all the articles, cigarettes are entailed with the highest tax.

To add to your knowledge yet more, biscuits are also not going to be exempted from the duty. An average tax of 18-20 per cent is yet to be levied on the high-priced as well as low-priced biscuits. Even, a rate of 5 per cent and 12 per cent is going to be levied on footwear and readymade garments respectively. The 2017 GST is expected to bring in a huge reform. Considering all the state and central taxes imposed on various goods and services till date, this current GST is anticipated to bring India under a single and poised tax regime.

Also read: Impact of GST on Real Estate

Last but not the least; small cars and luxury cars are going to pull a GST of 28 per cent and 15 per cent correspondingly. Nevertheless, nonair-conditioned rail travel, education, healthcare and certain food grains like jaggery, milk, and cereals have been kept out of the GST ambit.

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