Important Things To Know About GST Rates on Gold, Garments And Others

The gold GST rate is something that the general public cares the most about owing to high demand. Currently, gold faces a tax rate of 3%.

This rate is almost similar to the rates previously applicable before the implementation of Goods and Services Tax. However, there are various ways how the new GST rate on gold will affect.

GST rate on gold

Other than gold, ready-made clothing comes with a rate of 12%. Footwear priced below Rs. 1000 will fall into the 5% slab but those priced above Rs. 1000 will include an 18% GST.

Products like packaged food, rubber waste, biomass briquettes, plastic waste, tailoring services, cullet/other glass waste, have seen a reduction in rates from 18% to 5%.

5% is also the new slab for medicines (homoeopathic, Ayurveda, Siddha, and Unani), plain chapatti/roti, real zari, mangoes, khakra, namkeens, paper waste, fly ash bricks, handloom (priced below Rs. 1000), natural cork, and walking stick have reduced from 12%.

Containerised, cooked (by boiling or steaming), uncooked, frozen, branded, and provisionally preserved vegetables have seen no changes in rates and come with a 5% GST tax rate in India.

Cork roughly squared or debagged, articles of natural cork and agglomerated cork now come with a reduced rate from 18% to 12%.

White and brown goods (refrigerators, washing machines, microwave ovens, TVs, and ACs) along with soft drinks, aerated beverages, chocolates, waffles with chocolate, chewing gum, perfumes, cement, etc. are enlisted under the 28%. GST slab.

Lastly, credit card bills, insurance premium, shampoo, shaving creams, deodorants, aftershave, dye, tooth powder, and toothpaste now come with a GST of 18%.

Additional read: 10 Things To Know About GST Rates For Gold, Garments, Biscuits, And Others

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