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GST on Commodities

GST is a destination-based consumption tax. It would be applicable on supply of goods and services instead of on the manufacture or sale of goods or provision of services.

GST: What will be costlier, what will be cheaper

India is set to implement Goods and Services Tax from July 1, 2017.  The GST Council headed by Finance Minister Arun Jaitley has finalised tax rates for goods and services.

GST is a consumption-based tax levied on goods and services and is aimed at bringing uniform indirect taxation regime throughout the country.  The GST Act allows fours tax slabs — 5%, 12%, 18% and 28% for goods and services.

After GST comes into force, here are the commodities that may be impacted:

(Credit: Simplus Information Services story; Photo credit: Reuters, Getty Images)