GST slab rates in India 2022 easily explained

GST slab rates in India 2022 easily explained

The GST Council determines the GST slab rates for both goods and services. Additionally, the GST Council also reviews these slab rates on a regular basis.

What are GST Slab Rates?

GST slab rates are the rates of taxes imposed on sale of the goods or services under the CGST, SGST and IGST Acts. The rate of tax under the CGST and SGST are almost the same as they are intra-state transactions. Whereas, the rate of tax under the IGST is the sum total of CGST and SGST (approx.) and is an inter-state transaction.

These GST slab rates classification is into 5 rates namely
0%
5%
12%
18%
28%

Also Read: Rules Related to Setting Off of Input Tax Credit

GST Slab Structure

0% GST Slab Rate Category

The goods and services that attract no tax i.e., 0% GST are as follows:

0% GST Slab Rates Category

5% GST Slab Rate Category

List of goods and services on which 5% GST rate is applicable are as follows:

5% GST Slab Rates Category

12% GST Slab Rate Category

12% GST is attracted on the followed goods and services:

12% GST Slab Rate Category

18% GST Slab Rate Category

Goods and services that attract 18% GST rate are as follows:

18% GST Slab Rate Category

28% GST Slab Rate Category

Luxury items or items which are not a necessity usually attract 28% GST rate. The list of goods and services which attract 28% GST are as follows:

28% GST Slab Rates Category

Latest GST Slab Rates Revisions

The revisions in GST slab rates have been made through the following GST Council Meetings:
– Firstly, 45th GST Council Meeting
– Secondly, 44th GST Council Meeting
– Thirdly, 43rd GST Council Meeting
– Lastly, 42nd GST Council Meeting

45th GST Council Meeting

45th GST Council was held on 17th September 2021. Accordingly, the amendments in GST rates are as follows

Category

Old Rate

New Rate

Railway goods, locomotives, and parts

12%

18%

Metal concentrates and ores

5%

18%

Renewable energy devices

5%

12%

Printed material

12%

18%

Scrap and plastic waste

5%

18%

Recorded media reproduction and printing for the purposes of publisher’s content

12%

18%

Showing, broadcasting, and licensing of sound recordings, Radio Television Programmes, and original films

12%

18%

Packing containers, boxes, and cartons that are made from paper

12%/18%

18%

44th GST Council Meeting

The revisions in GST rates through the 44th GST Council Meeting was in relation to COVID-19 items. The changes are as follows:

Category

Old Rate

New Rate

Pulse oximeters

12%

5%

Hand sanitisers

18%

5%

Equipment to check body temperature

18%

5%

Furnaces for cremation and their installation

18%

5%

Ambulances

28%

12%

Testing kits

12%

5%

Specified inflammatory diagnostic kits

12%

5%

Medical grade oxygen

12%

5%

Oxygen concentrator or generator

12%

5%

Ventilators

12%

5%

Mask, canula or helmet

12%

5%

BiPAP machine

12%

5%

High flow nasal canula device

12%

5%

Tocilizumab

5%

NIL

Amphotericin B

5%

NIL

Heparin and other anti-coagulants

12%

5%

Remdesevir

12%

5%

Any other drugs recommended by ministry of health

5%

43rd GST Council Meeting

– GST on the export of relief goods will be exempted and will stay in effect until 31 August 2021.

– GST on the import of certain medicines are also placed under the exemption list.

– Any Covid-related relief item that’s been imported with the intention of donating to the government or any relief organization will be exempted from IGST till 31 August 2021.

– Amnesty Scheme was announced by the finance minister to reduce late fee returns. Small taxpayers can file GST returns under this scheme.

42nd GST Council Meeting

Sanitisers that are non-alcoholic will continue to be taxed at 18% GST.

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