GST Rates in India 2024 - List of Goods and Service Tax Rates

GST Rates in India

GST Rates in India 2024 are important for every businessman and every consumer as well. GST Rates for different Goods and Services have been revised many times since the introduction of the Goods and Services Tax (GST). The GST Council reviews the GST slab rates for goods and services regularly, and new GST rates are recommended as and when needed. HSN code with GST rate pdf is released on the government portal to be referred to by the users.

Normally the rate of GST is high for luxury items and considerably low for necessities. The highest GST rate in India is 28%. Let's have a look at the GST rate meaning and the most recent amendments to it.

Meaning of GST Rates & HSN Codes

GST rates are the percentage of tax that is needed to be applied on the sale of goods or the rendering of services as per the CGST, SGST, and IGST Acts. The businesses operating under the GST Act are required to generate invoices reflecting the GST amounts applied to the transaction value.

The GST rates within CGST and SGST (for intrastate transactions) are nearly the same. However, the GST rates for IGST (for interstate transactions) are approximately equivalent to the combined total of the CGST and SGST rates.

Types of GST Rates

Normally the GST rates in India for various goods and services are as follows- 0% (Nil-Rated), 5%, 12%, 18%, and 28%.There are also some less-used GST rates such as 3% GST rate items and 0.25% GST rate items. However, composition dealers are required to pay GST at lesser or nominal rates, such as 1.5%, 5%, or 6% on their turnover. TDS and TCS Rates under GST are 2% and 1% respectively.

In addition to the above cess at a rate between 1% to 204% is also levied under the GST Act on the sale of certain items such as cigarettes, tobacco, aerated water, petrol, and motor vehicles.

GST Rate Structures in India

The structure of the GST Rates in India is a system consisting of four tiers that has been designed by the GST Council. The main motive of the GST Rates structure is to ensure that all essential goods and a few edibles are included in the lower tax bracket. The four-tier GST Rate structure includes 0%, 5%, 12%, 18%, and 28% respectively.

GST Rates Chart & HSN Codes

Here we are covering all existing GST rates and 4-digit HSN/SAC codes applicable to Goods/Services.

New GST rates list under the 0% GST Slab Rate

Items under the 5% GST Rate List

New GST rates list under the 12% GST Slab Rate

New GST rates list under  18 percent GST items list

New GST rates list under the 28% GST items

Latest GST Council Meeting & Revision of GST Rates 

The GST Council in its meetings reviews the GST slab rates for Goods and Services and revision of the GST rates is done as per the requirements of the changing nature of the economy and changes in consumer preference. The most recent rate revision went into effect at the 50th GST Council Meeting on July 11, 2023. Previously, there had been numerous GST Council Meetings at which certain rate revisions were introduced.

GST Rate Changes on Goods

GST Rates change on Goods as per the 50th GST Council meeting

GST Rates change on Goods as per the 49th GST Council meeting

GST Rate Changes on Services 

GST Rates change on service as per the 50th GST Council meeting

GST Council decided that GST on online gaming, casinos, and horse racing should be taxed at 28% which was earlier taxed at 18% on the full-face value of bets placed or on the GGR.

GST Rates change on service as per the 49th GST Council meeting

A board or Authority set up for the Conduct of Entrance examinations by the Central or State Government including NTA (National Testing Agency) earlier used to be Taxable but now has been Exempted.

What Are the HSN and SAC Codes?

HSN's full form is Harmonised System Nomenclature. GST rates HSN code is an 8-digit code that was developed by the World Customs Organization with an objective of classifying goods from all over the World in a systematic and organized manner.

SAC full form is Services Accounting Codes. SAC is a six-digit code used to classify services under the GST Act issued by the CBEC.

HSN System 

The first two digits of the HSN code represent the chapter number, the next two digits represent the heading number, the following two digits comprise the sub-heading, and the last two digits are the tariff item. Presently, more than 98% of global trade merchandise undergoes classification using the HSN code. Given its role as a universal system for categorizing goods, the Government has opted to use the HSN code for both classifying and levying GST.

SAC System 

The first two digits of a SAC code are the same for all services i.e. 99, the next two digits represent the major nature of the service and the last two digits represent the detailed nature of the service. The Department of Service Tax of India developed the SAC Code, or Services Accounting Code, to be used as a system for the classification of services.

Conclusion

The GST Rates are revised by the GST Council regularly and new GST rates are introduced in the form of a GST Rates list to meet the requirements of the economy as well as the Consumers of the Goods and Services. GST rates list pdf published on the GST website needs to be referred by the taxpayers and consumers for their reference. The pdf contains the New GST rates list as per the latest amendments and revisions. GST rates on services pdf are also published on the Government website to be referred by the users. The consumer or taxpayer may also use a GST rate finder to get correct information about the GST rates in India relevant for them.

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