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Business Standard releases tool to find GST rate applicable on different dates

The GST regime has 7 rates for goods and 5 for services

BS Reporter  |  New Delhi 

GST, a research website for tax and corporate laws, has lanched a new tool to fine the goods and services tax (GST) rates applicable on different dates.

The regime, which came into force from July 1, 2017, has 7 rates for goods (Nil, 0.25 per cent, 3 per cent, 5 per cent, 12 per cent, 18 per cent, 28 per cent) and 5 rates for services (Nil, 5 per cent, 12 per cent, 18 per cent, 28 per cent). These rates have been changed frequently since July 2017.

For easy and systematic classification of rates of goods, India follows the Harmonized System of Nomenclature (HSN) developed by the Worlds Customs Organization (WCO). HSN contains an eight digit uniform code that classifies over 5,000 products and is accepted worldwide. For classification of services, the six-digit Services Accounting Code (SAC) is followed by India.

Unlike excise and customs, the government has not specified HSN wise rates for goods. analysed the rate notification issued by the government and mapped each rate with the applicable HSN Code or SAC Code.

First Published: Sat, August 10 2019. 14:13 IST