The Goods and Services Tax (GST) is a value-added tax (VAT) levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
The total bill is ₹2500,
and the GST rate is 5%.
Then you must pay a total of 2500+125=₹2625.
This ₹125 is the indirect tax the service provider passes you.
GST offers several benefits to our economy. Here are some key advantages:
GST is also beneficial for consumers. Here is how it impacts the Indian consumers:
GST is also has some positive impact on traders. Let’s see how it affects the traders:
Products | Tax Rates |
Milk | 0% |
Eggs | 0% |
Curd | 0% |
Lassi | 0% |
Kajal | 0% |
Educational Services | 0% |
Health Services | 0% |
Children's Drawing & Coloring Books | 0% |
Unpacked Foodgrains | 0% |
Unpacked Paneer | 0% |
Gur | 0% |
Unbranded Natural Honey | 0% |
Fresh Vegetables | 0% |
Salt | 0% |
Unbranded Atta | 0% |
Unbranded Maida | 0% |
Besan | 0% |
Prasad | 0% |
Palmyra Jaggery | 0% |
Phool Bhari Jhadoo | 0% |
Product | Tax Rates |
Sugar | 5% |
Tea | 5% |
Packed Paneer | 5% |
Coal | 5% |
Edible Oil | 5% |
Raisins | 5% |
Domestic LPG | 5% |
Roasted Coffee Beans | 5% |
PDS Kerosene | 5% |
Skimmed Milk Powder | 5% |
Cashew Nuts | 5% |
Footwear (< Rs.500) | 5% |
Milk Food for Babies | 5% |
FabricFabric | 5% |
Coir Mats, Matting & Floor Covering | 5% |
Spices | 5% |
Agarbatti | 5% |
Apparels (< Rs.1000) | 5% |
Coal | 5% |
Mishti/Mithai (Indian Sweets) | 5% |
Life-saving drugs | 5% |
Coffee (except instant) | 5% |
Products | Rates |
Butter | 12% |
Ghee | 12% |
Computers | 12% |
Processed food | 12% |
Almonds | 12% |
Mobiles | 12% |
Fruit Juice | 12% |
Preparation of Vegetables, Nuts Fruits | 12% |
Packed Coconut Water | 12% |
Umbrella | 12% |
Products | Rates |
Hair Oil | 18% |
Capital Goods | 18% |
Toothpaste | 18% |
Industrial Intermediaries | 18% |
Soap | 18% |
Ice- Cream | 18% |
Pasta | 18% |
Toiletries | 18% |
Corn- Flakes | 18% |
Soups | 18% |
Computers | 18% |
Printers | 18% |
127 videos|143 docs|67 tests
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1. What are the various types of direct taxes? |
2. What are the various types of indirect taxes? |
3. What is GST (Goods and Services Tax) in India? |
4. What is the impact of GST on the Indian economy? |
5. How does GST impact consumers? |
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