The introduction of GST rates in 2023 has had a positive impact on the country's economy. In addition to the reduced taxing structure, other
GST Rates in 2024
GST rates refer to the different tax rates applicable under the Goods and Services Tax (GST) regime in India. The GST system has four main tax slabs, which are 5%, 12%, 18%, and 28%. Goods and services are classified into different categories based on their nature, and each category is assigned a specific tax slab. The GST rates are subject to change, and the latest information can be obtained from official government sources.
The introduction of GST rates has had a positive impact on the country’s economy. In addition to the reduced taxing structure, GST other advantages include increased exports and value competitiveness and a consistent taxing structure for people to understand where their money is going, GST Rates in 2024.
GST Rates in 2024 for Goods
1. The GST (Goods and Services Tax) On Foods and Beverages
Several items in this category are subject to lower GST rates. From 12 to 5 %, from 18-12% and from 28-18%.
2. Goods and Services Tax (GST) On Everyday Things
For a number of products in the category of home items, those who previously paid 18% GST now pay either 12% or 5% GST. GST rates of 5%, 18%, and even 0% are available to those who previously had a GST rate of 28%.
3. Sales Tax on Instructional Materials
The GST rate for various items in this category has been reduced from 28% to 12%.
4. GST Applies to Medical and Health-Related Commodities.
For items in the health and medical category, GST is reduced from 12 percent to 5%, and for individual components, it is reduced to 0%.
5. Agricultural Items Are Subject to Reduced GST.
Agrarian commodities that formerly had a 12 percent GST now have a 5% GST and rate of 18% now have a reduced GST rate of 12 percent.
6. GST on Infrastructure, Fuel, and Environmental Goods and Services
Objects in this group that were previously subject to a 28 % GST are now subject to an 18 % GST and the 18 percent rate is now reduced to a 12 %.
7. Goods and Services Tax (GST) On Commodities Related to Safety and Security
There have been no major changes from the previous percentage of 18 percent declared.
8. Goods and Services Tax (GST) On a Range of Products
Several items previously subject to a 28% GST have been reduced to 18% GST, 18% GST has been reduced to 12%, and 5% GST has been reduced to 0%.
GST Rates in 2024 for Services
Services, unlike products, are categorized according to the applicable tax slab rates.
Services Having a GST Rate of 0%
- Independent entities, political organizations, academic institutions, faith communities, and healthcare institutions are all examples of independent bodies.
- Services performed for humanitarian causes, arts or heritage, and charitable athletics donations. Shows of folk culture, theatrical acts, circus, dance, and drama with a ticket price of Rs. 250 per person.
- Foreign diplomats, UN organizations, and the Indian consulate received socially useful services.
Services Having a GST Rate of 5%
- Scheduled airline aircraft subletting for routine procedures.
- Selling advertising space in print advertising.
- Services provided by tour companies.
- Organic textile yarn production, natural fibre production, and animal skin preparation.
- Polishing of precious metals and stones.
Services Having a GST Rate of 12%
- Food and beverages are available in restaurants with air conditioning and central heating but no alcohol license.
- Lodging services trying to charge more than Rs. 1000 per day but less than Rs. 2500 per day.
Services Having a GST Rate of 18%
- Foreman assistance for chit fund.
- Air transport of passengers in non-economy class.
- Intellectual property rights of services except for IT software.
- Buildings built for the purpose of resale.
- Food and beverages are available at diners with an alcohol license.
- Charges for lodgings that are more than Rs 2500 per day and less than Rs 7500 per day.
- Circuses, Indian classical dance, folk dance, theatrical performances, and cinemas with tickets costing less than Rs. 100.
In order to determine how much GST you owe before registering, you can use our GST Percentage Calculator.
Services Having a GST Rate of 24%
Lodging services that charge Rs. 7500 per day or more, amusement services, sports, racetrack, casino, ballet, and films are all included.
Conclusion
GST rates in 2024 have undergone several changes, with many goods and services experiencing reduced tax rates. Without GST number registration, a business cannot legally collect GST from its customers. These changes are expected to have a positive impact on the country’s economy, making it more competitive and enhancing its export capabilities. The government’s efforts to streamline the tax system are reflected in the new GST rates in 2024, which are expected to have a positive impact on the economy. The updated GST rates in 2024 are a welcome change that will benefit the economy and the people of India, and it is important to stay informed about these changes.
