The GST rates for all 1,211 items but six were finalised, yesterday.
Union Finance Minister Arun Jaitley on Friday said that the Goods and Services Tax (GST) Bill, which is to exempt the daily-use commodities from the levy, is going to be more efficient and a consumer friendly taxation system.
Basic food items like cereals, eggs and meat will attract zero tax while processed food items will be charged between 12 and 28 percent. Pizza bread, sevaiya, condensed milk, frozen vegetables will attract 5 percent levy.
The GST on hotels where the tariff is lower will have to pay less tax, and this will help increase jobs, said Ritesh Agarwal, who heads OYO, a grouping of hotels with less tariff.
Prices of foodgrains, especially wheat and rice, will come down as they will be exempt from GST.
"The net effect of Goods and Services Tax will not be inflationary", Jaitley said on Friday after the GST meeting.
"GST will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market", Patnaik said.
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No decision made on the tax rates for gold and gold jewellery.
So, let's have a detailed look at the items and their GST.
The GST Council has fitted the goods and services in tax brackets of 5, 12, 18 and 28 per cent. Most analysts believe that the 3 per cent cess on motorcycles with engine capacity of above 350 cc is marginal to have any serious consumer impact.
Tobacco products: Filter and non-filter cigarettes not exceeding 65 mm will attract cess of 5 per cent plus Rs 1,591 per 1000 sticks.
Adhia said that despite the higher standard rate of 18 per cent, service providers will get input tax credit that will lower the effective incidence of the GST to around the current incidence of 15 per cent. In some cases, such as aerated drinks, the council had cleared a 12 per cent cess in addition to the luxury tax rate of 28 per cent. Luxury hotels will face tax of 28% GST where gambling clubs, racing clubs and cinema halls will also be taxed under the similar rate of 28%. The exempted list has 229 items at the central level and 99 in the states. But what is to be done with packaged and branded food that has to be separately decided?
Senior Executive Director of Star Health and Allied Insurance, S Prakash said health insurance is no more a business proposition, it is a social necessity.
Healthcare and education would be exempt from GST. There is no increase. In many, there is a reduction, particularly as tax on tax is gone.