Centre releases GST Rate
Schedule of Goods as well as GST Compensation Cess Rates for different
supplies, pursuant to GST Council meeting today; “Rate Schedule” contains 98
chapters categorized into Nil, 5%, 12%, 18% and 28% tax slabs; Rate structure
for following items yet to be decided - Biri wrapper leaves (Chapter 14),
Biscuits (Chapter 19), Biris (Chapter 24), Textiles (Chapters 50 to 63),
Footwear (Chapter 64), Natural or cultured pearls, precious or semi-precious
stones, precious metals, metals clad with precious metal, and articles thereof;
imitation jewellery, coin (Chapter 71), and Power driven Agricultural,
horticultural, forestry, poultry keeping or bee-keeping machinery, Harvesting
or threshing machinery, machines for cleaning, sorting or grading, machinery
used in milling industry and parts thereof (8432, 8433, 8436 and 8437);
“Compensation Cess Schedule” provides rates of Cess leviable on various
products; Aerated waters, Lemonade to attract 12% Cess, Pan Masala – 60%, Coal
– Rs. 400 per tonne, while Small Cars of sub 4 meter length will attract 1% and
3% for petrol < 1200 cc and diesel < 1500 cc respectively; Motorcycles
with engine capacity more than 350 cc to attract 3% Cess, while 15% Cess shall
apply to large cars, mid segment cars, SUVs; States that information will be
subject to further vetting during which the list may undergo some changes
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