In order to understand which items are taxable under GST, let us know about the GST. The Goods and Services Tax (GST) is India's most major tax reform since independence, bringing uniformity to the taxation structure and abolishing the previous system of cascading taxes.
If you have any legal queries regarding buying and selling of property. Check out NoBroker legal assistance services There are 3 types of GST:Central GST
(CGST)
State GST (SGST)
Integrated GST (IGST)
Knowing whether an item is GST exempted or not is also part of understanding taxability. GST Exemptions have been clearly specified as a result of the enlarged scope of taxable supplies under GST. It will be an easier process to identify GST applicable on which goods by first identifying goods that are exempted from GST taxation. Hence the rest of the items would fall under GST taxation.
Items exempted from GST:Vegetables, roots, and tubers that can be eaten
Cereals
Fish which is unprocessed and not frozen
Fresh fruits and veggies which are not frozen and are unprocessed
Meat that isn't frozen or which is stored in unit containers
Cane jaggery
Coconut water
Raw silk
Silk waste
Cocoon by the silkworm
Wool which is not combed or carded
Cotton which is used in Gandhi Topi
Cotton which is used in Khadi Yarn
Coconut fibre
Jute fibre which is raw or processed but not spun
Puja Samagri
Live animals except horses
Goods of seed quality
Coffee bean which is unroasted
Unprocessed green tea leaves
Fresh ginger, fresh turmeric (unprocessed ones)
Human blood and components
All types of contraceptives
Organic manure which is not having a brand name
Kumkum, Bindi, Sindur, and Alta
Firewood, Wood charcoal
Betel leaves
Stamp papers used for both judicial and no judicial purposes, court fee stamps which are sold by the government treasuries and authorized vendors.
Postal items like postcards are sold by the government. Rupee notes when sold to RBI and cheques.
Books which are printed including braille books, newspapers, maps
Earthen pots, and clay lamps
Bangles which are not made up of precious metals
Manually operated or animal driven agricultural implements
Hand tools such as spades and shovel
Handloom
Spacecraft
Hearing aid
Hence these are the items which are exempted from GST taxation. So to conclude, I would like to say that, if you want to know which items are taxable under GST? You need to know that all the other items except the above-mentioned list would fall under GST taxation.
Read More:
How To Claim GST Refund? What Is The Rate Of GST On Rent ?
Which Items are Taxable Under GST?
Srishti
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2022-02-23T17:59:58+00:00 2022-02-24T13:09:54+00:00Comment
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