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Find Out The Revised GST Rates For The Year 2022 August 02 2022Stock Market News

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Find Out The Revised GST Rates For The Year 2022

GST means Goods and Service Tax. It is a multi-stage taxation system that applies to the sale of goods and services. GST aims to remove the cascading effect of other forms of indirect taxes. It is applicable throughout India. The GST implementation is headed by the GST council of India. They are the decision making authority for its implementation and changes in the tax rates from time to time.

In India, the GST rates have been divided into four different groups for various goods and services. The different slabs for GST rate are 5%, 12%, 18% and 28%. A change in GST has a direct impact on various industries and consumers. In this article, we list down the latest changes in the GST slab rates on various goods and services made by the GST council.

GST Rates 2022

Products

Taxation rates

·         Milk

·         Egg

·         Curd

·         Lassi

·         Unpacked foodgrains and paneer

0%

·         Sugar

·         Package Paneer

·         Coffee Beans

·         Domestic LPG

·         Skimmed Milk

·         Cashew Nuts

5%

·         Butter

·         Ghee

·         Processed Food

·         Almonds

·         Mobile

12%

·         Hair Oil

·         Capital Goods

·         Toothpaste

·         Pasta

·         Computers

18%

·         Small cars

·         Consumer Durables (AC & Fridge)

·         Luxury and Sin Items

28%


The above mentioned are some of the products on which GST rates have been revised for the year 2022. The GST rate revision is an ongoing process. The GST council based on the suggestions and recommendations received makes changes to the applicable GST rates. The whole purpose of GST is to simplify the indirect taxation system of India. 

 

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