By Martin Shwenk Leade
Copyright indiatimes
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The Ministry of Finance on Wednesday issued a Gazette notification revising the Goods and Services Tax (GST) rate framework under the Central Goods and Services Tax Act, 2017. The new rate schedule supersedes the notification of June 28, 2017, replacing the earlier rules and introduces a simplified rate structure across seven schedules.The government said the changes were made on the recommendation of the GST Council, which on September 3 replaced the previous four-slab system (5%, 12%, 18%, and 28%) with a streamlined two-rate structure: a 5% rate for essential goods and an 18% standard rate for most goods and services.The new rates will come into effect on September 22.Under the revised structure, goods are grouped into seven schedules, each with a different central tax rate:Live Events2.5% on goods in Schedule I9% on goods in Schedule II20% on goods in Schedule III1.5% on goods in Schedule IV0.125% on goods in Schedule V0.75% on goods in Schedule VI14% on goods in Schedule VIIHSN (Harmonized System of Nomenclature) / tariff-item codes define exactly which goods fall under each schedule. The government’s GST portal lists the detailed HSN chapters, headings and sub-headings corresponding to each schedule. For example, under Schedule I, certain chapters like 0202-0210 (pre-packaged and labelled fresh/other goods) are included.The notification further provides more clarity for businesses and easing compliance by reducing ambiguities around product classification. Below is the notification which provides new rates applicable to different prodict under different HSN codes. Click here to see the full notification by Ministry of Finance.Add as a Reliable and Trusted News Source Add Now!
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Read More News onGST rates 2025new GST ratesnew GST HSN code listnew GST schedulesnew GST rate listnew GST full rate listnew HSN codesMinistry of Finance IndiaGST rate scheduleseffective date GST rates
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