Recently, we have discussed about GST rates for Services approved by GST Council. Today, we shall know about the GST rates for Goods decided by the GST Council. The fitment of rates of goods were discussed on 18th May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir.
Further, the GST Tax rates were decided by discussions in the GST Council Meeting held on 3rd June, 2017. However, GST rates revised for 66 items when the GST Council met on Sunday, June 11, 2017.
The GST Council has broadly approved the GST rates for goods at 5%, 12%, 18% and 28% to be levied on certain goods. Other than this, gold and jewelry will be taxed at a concessional GST rate of 3%, while rough diamonds will attract a only 0.25% levy. GST rates for certain goods like textile, footwear, biris, precious metals, etc. are yet to be decided by the GST Council.
The GST rate structure for goods have been notified. For convenience, goods have been organised rate-wise in schedules I to VII as sited below:
SCHEDULE I: List of Goods at Nil Rate
SCHEDULE II: List of Goods at 0.25% Rate
SCHEDULE III: List of Goods at 3% Rate
SCHEDULE IV: List of Goods at 5% Rate
SCHEDULE V: List of Goods at 12% Rate
SCHEDULE VI: List of Goods at 18% Rate
SCHEDULE VII: List of Goods at 28% Rate
List of Goods at 0.25% Rate as approved by GST Council
- 7102 Diamonds, non-industrial unworked or simply sawn, cleaved or bruted
- 7103 Precious stones (other than diamonds) and semi-precious stones, unworked or simply sawn or roughly shaped
- 7104 Synthetic or reconstructed precious or semi-precious stones, unworked or simply sawn or roughly shaped
Did you know? In spite of levy of 0.25% GST on rough diamond, the government has also allowed set-off for the sum paid to workers by jewellers.