The 14^th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir yesterday. The fitment of rates of goods were discussed during the Council meeting. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The Council has also broadly approved the rates of GST Compensation Cess to be levied on certain goods.

The information has been uploaded after the GST Council’s decision on the website of Central Board of Excise and Customs (CBEC) and is available at http://www.cbec.gov.in/. It will be subject to further vetting during which the lists may undergo some changes.

Chapter-wise-rate-wise-GST-schedule-18.05.2017

GST-compensation-cess-rates-18.05.2017

GST rates broadly classified into multiple slabs approved, with Compensation Cess framework also authorised pending final vetting. Approval of a multi tier GST rate structure for goods and an accompanying GST Compensation Cess framework was announced; the Council provisionally fit goods into distinct tax slabs and approved compensation cess rates for specified goods. The published chapter wise, rate wise schedules and cess list are available from the central tax administration but remain subject to further vetting and possible modification before finalisation.