The Centre and the states on Thursday agreed on goods and services tax rates for a majority of products and opted to lower the incidence of tax on mass-use items to ensure that prices come down in the new regime.
As a result, foodgrains and gur have been completely exempted from the levy, while products such as mithai, edible oil, sugar, tea, coffee and coal will attract 5% GST. Similarly, hair oil, tooth paste and soaps are in the 18% bracket along with capital goods and industrial intermediaries.
Sources told TOI that small cars will face 28% GST, along with a small cess, while luxury cars will attract 15% cess in addition of the tax. Consumer durables such as AC and fridge too are in the 28% bracket, although officers said given the current incidence of 30-31%, there should be a reduction in prices.
Download the GST Rates in PDF : CLICK HERE