The GST Council has made a good effort at ensuring that essential items and those products that are consumed in large amounts are kept away from the Goods and Services Tax. In fact, these are the items with Zero GST on them.
However, one important thing to note is that products may not be perpetually exempted from the tax.
Here are a list of items that have zero per cent GST
1) Natural honey
2) Fresh Meat
5) Butter Milk
6) Fresh fruits and vegetables
7) Aata or flour
14) Printed Books
18) Handloom and other items of daily use
Now, we wish to emphasize that this list can change and those items that have zero GST can be bought under the purview of GST. On the other hand those that have some or the other Goods and Services Tax levied can be exempted to zero. The change can be affected only by the GST Council.
What is the Goods and Services Tax?
Goods and Services Tax came into effect from July 1, 2017 and is a one nation tax that is largely a destination tax. It subsumed the various taxes like excise, sales tax and valued added tax that existed, While there have been some initial hiccups in the implementation of the same, most traders expect things to be streamlined in due course.
There are various tax slabs under the GST at the moment. These can keep changing more often. However, generally speaking items like luxury cars, tobacco, and aerated drinks attract the highest amount of goods and services tax at the moment.
The GST council recently reduced the GST on some items.
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