GST and Steel
Taxes that are currently levied on the manufacture of iron and steel(in any form) and reaching the end-consumer.
Excise Duty at the rate of 12.5%
Average VAT at the rate of 5%
Central sales tax(CST) at the rate of 2%.
A net tax of 19.5%(12.5+5+2) is charged on iron and steel under the current laws. Articles made of iron and steel are also charged at the same rate .
GST rates on iron and steel
Manufacturing and sale of all kinds of iron and steel like iron rods, bars, and scraps of iron and steel etc are charged at the rate of 18%. Different rates have been provided for different kind of articles made of iron or steel.
Kitchen utensils like stainless steel cooker, pan etc are likely to get a little cheaper as they are charged at the rate of 12% under GST from the current tax rate of 19.5%.
Barbecue sets would get costlier under GST as it will be charged at the rate of 28% higher than the current rate of tax.
Laying of railway tracks would be largely neutral under GST.
Sanitary items like taps, faucets etc would get costlier under GST as they are also kept under the 28% tax bracket.
The steel industry is likely to enjoy the benefit of lower tax rate of 5% on the major inputs used by them like coal and iron ore under GST.
Transportation services used for transporting steel is kept under 5% bracket which will help in reducing logistics cost.
In the long run will be beneficial in light of the expected reduction in logistics and lower tax on inputs under GST more
Excise Duty at the rate of 12.5%
Average VAT at the rate of 5%
Central sales tax(CST) at the rate of 2%.
A net tax of 19.5%(12.5+5+2) is charged on iron and steel under the current laws. Articles made of iron and steel are also charged at the same rate .
GST rates on iron and steel
Manufacturing and sale of all kinds of iron and steel like iron rods, bars, and scraps of iron and steel etc are charged at the rate of 18%. Different rates have been provided for different kind of articles made of iron or steel.
Kitchen utensils like stainless steel cooker, pan etc are likely to get a little cheaper as they are charged at the rate of 12% under GST from the current tax rate of 19.5%.
Barbecue sets would get costlier under GST as it will be charged at the rate of 28% higher than the current rate of tax.
Laying of railway tracks would be largely neutral under GST.
Sanitary items like taps, faucets etc would get costlier under GST as they are also kept under the 28% tax bracket.
The steel industry is likely to enjoy the benefit of lower tax rate of 5% on the major inputs used by them like coal and iron ore under GST.
Transportation services used for transporting steel is kept under 5% bracket which will help in reducing logistics cost.
In the long run will be beneficial in light of the expected reduction in logistics and lower tax on inputs under GST more
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Oct 31
Please note that central excise-VAT/central sales tax-octroi had acompounding effect That is not just adding up 12.5+5+2+4 It is much more than that more
Jul 23
It is wrong on the ground that octroi has not been added. Overall there is rate reduction and increase in compliance that is why the habitual hard core evaders are worried. Further the Railway goons shall also loose their hafftta as e way bill will be linked with Railway and illegal shipments shall stay. So all habitual chors tax evaders and secular in laws are worried and barking. Let them bark for ever more
Jul 21
