On 18 May 2017, India's GST Council finalized the GST rates for over 1,200 goods and on 19 May finalized the rates for services. Under India's new GST regime, a four-rate structure applies, including a standard 18% rate, reduced rates of 5% and 12%, and an increased rate of 28%. Certain goods and services will also be exempt.
The applicable rates/exemption for certain goods include:
- Exemption for basic food stuffs, including fresh meat, fish and poultry, fresh fish, eggs, fresh vegetables …