The Central Government today notified the rates applicable to goods categorized under different schedules.
Under the proposed GST regime, both CGST and SGST would be levied on all intra-State supplies. In case inter-State supplies, IGST would be levied. The revenue will be shared by both the central Government and the state Government.
The Notification contains VI schedules for which different rates are applicable. Goods like fish, fish fellets, dried fish, molluscs, aquatic invertebrates, milk, egg, natural honey, ivory, vegetables etc are in the first schedule for which 2.5% rate is applicable.
Second schedule includes goods like live horses, meat, butter, Brazil nuts, dates, dry fruits, sausages, mushrooms and truffles, lottery run by State Governments to which 6 percent CGST is applicable.
In the third schedule, goods such as condensed milk, malt, vegetable saps and extracts, bidi wrapper leaves, refined sugar, sugar cubes, corn flakes, biscuits, pastries and cakes, soaps and broths, ice-cream, printing inks, hair oil are included with a tax rate of 9 percent.
Chewing gum, bubble gum, cocoa powder, fat and oil, pan masala, other non-alcoholic beverages, granite, Beauty or make-up preparations and preparations for the care of the skin, Air-conditioning machines, Monitors and projectors etc are in the fourth schedule. 14% CGST is applicable to such goods.
Schedule V contains pearls, diamonds, and other precious stones etc for which 1.5 percentage of CGST is applicable.
Read the Full Text of the Notification Below.
