Current GST Rates In India And Their Effects

1. Current GST Rates In India And Their Effects You can see that the new GST rates in India has affected the economy of the country. So, if you don’t know about the latest rates charged on your goods and services then you must read this article. In this article, you will know about the certain products and their charged service taxes. Because GST rates are important for any product or service usage it shows the importance of one’s product selling and purchasing. How the GST rates are decided? GST is determined for certain products and services keeping them in a certain slab of list. Look at the below mentioned tax slab list of products and services. 5% GST Tax Slab:​ Under this category, all the products and services are charged with a 5% GST on food, beverages and other appliances such as cashew, postage revenue stamps, fragrance sticks, walking sticks, etc. 12% GST Tax Slab: ​If you buy any product under this category then 12% ​GST rates in India would be charged along with the product actual price. The products that came under the 12% GST tax slab are Ghee, nuts, pickles, radio, Air travel, hotel, and restaurants. 18% GST Tax Slab:​ This category includes electronic devices, branded clothes, IT services, financial services, telecom services, etc. So, if you are thinking to get those product and services then don’t forget that an 18% GST rate would be charged on it. Is your loan and credit card also get affected by the GST rates in India? Yes, whether you are applying for a loan or a credit card GST plays a massive role in every product or service. So, whether you are taking a personal loan or a home loan the processing fee is charged along with an applicable GST rate. The loan or credit card joining fee or any other charges are implemented with a 15% to 18% GST. That means if your credit card joining fee is INR 2,499 then after applying the 18% GST rate you have to pay 2,948 and the charged GST would be INR 449.82. Benefits of GST on your daily expenses You must have thought that the ​GST rates​ are very complicated to understand but if you think so then it is wrong. This is because GST makes it easier for you in managing your monthly expenses in comparison to the previous tax system. GST Rates in India has changed the economy of the society and helps in growing the nation. It is not that GST is charged only to gain benefits for the country’s economy only it also provides benefits to the common people by offering zero GST on certain products and services like salt, wheat, oats, rye, etc. Now, buy the

2. products and services without any issue of ​GST​ rate. The main advantage of Goods and service tax (GST) is that it makes it convenient for the common people to know what they are paying for and why a certain charge is being taken. So, the GST rates in India brings changes in the country’s economy by setting new methods of service taxes.