About GST

Finally after long wait GST has been the light of the day. On midnight of 30th June, 2017 when most of the people in India were sleep, GST, a new indirect taxation system for goods and services, conceived 11 years ago took birth at 00:00 hrs on 1st July, 2017.

So GST’s train has started rolling on its tracks. The concept of “one nation one tax” has taken an existence in principle. But is it so? The pulls and pushes of federalism and in view of ground realities of India, the outcome is anything but One Tax. Many commodities such as Alcoholic Beverages, Petroleum Products and Tobacco products are still out of GST. Multiple enactments and multiple taxation rates of NIL, 5%, 12%, 18% and 28% have eroded the boundaries of aforesaid concept of “one nation one country”.


INTRODUCTION TO GST TARIFF

Tariff is the backbone of any taxation law in as much it gives the description of taxable items in detail on which tax is leviable. The importance of descriptive tariff becomes more prominent when multiple rates of taxation are prescribed for various items. Central excise duties were leviable under section 3 of the central excise act, 1944 at the rates specified in first schedule to the central excise tariff act, 1985. This tariff has two components. One was the description of goods in detail specified with various parameters such as use, composition etc. which was based on HSN nomenclature. The second component was the rates of duty / tax for each of such items.


Exemption to small taxpayers with annual turnover up to Rs.20 Lakh/ Rs. 10 Lakh


Need for Threshold Exemption to Small Taxpayers:

It has been a state policy to exempt small taxpayers, who have a huge employment potential, to prove them a level playing field the big and mighty enterprises with whom they have to compete in business. A large business house has a lower operational and production cost because of the volume of their production and business, thus for the survival of the small business, they are given tax exemptions and other incentives. This exemptions means that the units and the persons up to the annual turnover of Rs. 20 Lakh / Rs.10 Lakh would be outside the ambit of GST and would not be required to get registered.


CONTENT OF GST TARIFF (GOODS)

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Live animals

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Meat and edible meat offal

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Dairy produce

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Vegetable plaiting materials

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Fish and crustaceans, mollusks and other aquatic invertebrates

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Products of animal origin, not elsewhere specified or included

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Edible vegetables and certain roots and tubers

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Edible fruit and nuts; peel of citrus fruit or melons

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Coffee, tea, mate and spices

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Cereals

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Products of the milling industry

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Oil seeds and oleaginous fruits

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Lac; gums, resins and other vegetable saps and extracts

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Live trees and other plants; bulbs, roots

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Animal or vegetable fats and oils and their cleavage products

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Preparations of meat, of fish or of crustaceans

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Sugars and sugar confectionery

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Organic chemicals

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Miscellaneous edible preparations

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Beverages, spirits and vinegar

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Preparations of vegetables, fruit, nuts or other parts of plants

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Tobacco and manufactured tobacco substitutes

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Salt; sulphur; earths and stone; plastering materials, lime and cement

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Mineral fuels, mineral oils and products of their distillation

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Ores, slag and ash

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Inorganic chemicals

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Pharmaceutical products

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Fertilizers

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Preparations of cereals, flour, starch or milk; pastry cooks’ products

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Carpets and other textile floor coverings

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Aluminoidal substances; modified starches; glues; enzymes

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Photographic or cinematographic goods

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Explosives

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Miscellaneous chemical products

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Plastics and articles thereof

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Rubber and articles thereof

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Cocoa and Cocoa Preparations

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Essential oils and resinoids

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Cork and Products of cork

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Raw hides and skins and leather

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Travel goods, handbags and similar containers

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Furskins and artificial fur, manufactures

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Residues and waste from the food industries; prepared animal fodder

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Wood and Wood Products; wood charcoal

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Manufactures of straw, of esparto or other plaiting materials

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Pulp of wood or of other fibrous cellulosic material

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Paper and paperboard; articles of paper pulp, of paper or of paperboard

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Man-made filaments; strip and the like of man-made textile materials

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Cotton

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Wool, fine or coarse animal hair

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Silk

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Other vegetable textile fibres

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Ceramics Products

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Glass and Glassware

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Headgear and parts of headgear

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Iron and Steel

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Natural or cultured pearls, precious or semi-precious stones, precious metals, initiation jewellery

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Umbrellas, sun umbrellas, walking-sticks, seat-sticks, whips, riding-crops and parts

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Prepared feathers and down and articles made of feathers or of down; artificial flowers; items of human hair

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organic surface-active agents, washing, lubricating preparations, artificial waxes

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Items of apparel and clothing accessories, knitted or crocheted

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Items of apparel and clothing accessories, not knitted or crocheted

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Items of stone, plaster, cement, asbestos, mica or similar materials

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Footwear, gaiters and the like; parts of such articles

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Other made up textile articles; sets; worn clothing and worn textile articles; rags

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Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery

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Printed books, newspapers, pictures and other products of the printing industry

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knitted or crocheted fabrics

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Man-made staple fibres

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Tanning or dyeing extracts

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Items of Iron or Steel

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Copper and products of copper

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Nickel and items of nickel

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Aluminium and items of aluminium

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Lead and Lead Items

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Zinc and items of zinc

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Tin and Items of Tin


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Wadding, felt and non-wovens; special yarns; cordage, ropes and cables

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Impregnated, coated, covered or laminated textile fabrics

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Miscellaneous manufactured articles


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Tools, implements, cutlery, spoons and forks of base metal parts of base metals

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Vehicles other than railway or tramway rolling-stock, and parts and accessories

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Optical, photographic, measuring, checking, precision, medical or surgical instruments and apparatus

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Electrical machinery and equipment and parts, sound recorders and reproducers television image

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Nuclear reactors, boilers, machinery and mechanical appliances; parts

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Railway or tramway locomotives, rolling-stock and parts

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Other base metals; cermets and items metals and cermets

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Arms & ammunition, parts & accessories

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Ships, boats and floating structures

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Clocks and Watches and Parts

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Miscellaneous items of base metal

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Aircraft, spacecraft and parts

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Furniture, bedding, mattresses, mattress support, cushions

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Toys, games and sports requisites, parts and accessories

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Musical instruments; parts and accessories of such items

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Works of art, collector’s pieces and antiques

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