GST Rates in India 2024 - List of Goods and Service Tax Rates, Slab & Revision

GST rates list is crucial for every Indian business and consumer to know. When the GST Council revises the Goods and Services Tax (GST) rates, it hits respective industries, trade bodies and end consumers, impacting the economy. Everyone tends to evaluate their position as a result of this change. 

Our comprehensive GST rates list for 2024 highlights all the updated rates and the recent changes after the 54th GST Council meeting. Clear HSN cum GST rates finder helps you identify the accurate and latest GST rate applicable for the product/service. Whether you're a business or a consumer, stay informed with the latest GST updates for seamless transactions.

In this article, learn the meaning of GST rates, different types, classification, and get all the latest updates on GST rates in India 2024.

In this article-

• Meaning of GST Rates
• Types of GST Rates & GST Rate Structure
• GST Rate Changes at 54th GST Council Meeting 
• GST Rate Changes at 53rd GST Council Meeting 
• GST Rate Changes at 52nd GST Council Meeting 
• GST Rate Changes at 51st GST Council Meeting 
• GST Rate Changes at 50th GST Council Meeting 
• GST Rates for Goods and Services with HSN Chapters
   

Latest Updates

8th October 2024
Based on the recommendations of the GST Council in its 54th GST Council meeting, GST rates were notified by the CBIC through notifications.

Meaning of GST Rates

Every business registered under GST must raise invoices with GST amounts charged on the supply value. These GST amounts are derived as a percentage value of taxable amounts. Such as percentage rate used is called the GST rate. For instance, GST of Rs.1,200 charged on taxable value of Rs.10,000 is arrived by multiplying 12% GST rate with Rs.10,000.

Therefore, GST rate is a percentage rate of tax imposed on the sale of goods or services under the CGST, SGST and IGST Acts. 

CGST GST rate and SGST GST rate would both be half of IGST GST rate. In other words, the GST rates in CGST and SGST (For intrastate transactions) are approximately the same. Whereas, the GST rate in the case of IGST (For interstate transactions) is approximately the sum total of CGST and SGST rate.

Types of GST Rates and GST Rate structure in India

The primary GST slabs for any regular taxpayers are presently pegged at 0% (nil-rated), 5%, 12%, 18% & 28%. There are a few lesser-used GST rates such as 3% and 0.25%.

Also, the composition taxable persons must pay GST at lower or nominal rates such as 1.5% or 5% or 6% on their turnover. There is a concept of TDS and TCS under GST as well, whose rates are 2% and 0.5% respectively (prior to 9th July 2024, it was 1%).

Further, the GST law levies cess in addition to the above GST rates on the sale of some items such as cigarettes, tobacco, aerated water, petrol, and motor vehicles, rates widely varying from 1% to 204%.

The GST rate structure for some of the commonly-used consumable products is given in the below table. For more items, type in the item you wish to know the GST rate of by visiting our HSN code & GST rates finder.

List of items taxed at 0% GST rate-

What are the GST rates in India 2024?

In 2024, at the 54th GST Council meeting, quite a few rate revisions were announced. More are expected in the upcoming meetings. Some were done to correct the prevailing inverted tax structure, whereas a few were revised for revenue augmentation.

The following sections cover the summarised details of changes to GST rates in India with the new GST rates 2024.

GST Rate Changes at 54th GST Council meeting

GST Rate Changes at 53rd GST Council meeting

The folowing table summarises the GST rate revisions:

GST Rate Changes at 52nd GST Council meeting

GST Rate changes on goods

• Millet flour in powder form is blended with any other atta with 70% composition of millets under (HS1901) to attract 0% GST if sold loose and 5% GST if sold pre-packaged and labelled.
• GST on molasses has been reduced from 28% to 5%.
• GST on ENA for industrial use to attract 18% by a separate tariff HS code. 
• 5% GST on imitation zari thread or yarn made out of metallised polyester film or plastic film (HS 5605) without refund due to inversion.

GST Rate changes on services 

• GST exempted on water supply services, public health, etc., supplied to the government authorities, including composite services with up to 25% of the above services. 
• A conditional IGST exemption is given to a foreign flag and foreign going vessel when it converts to coastal run subject to its reconversion in six months.
• GST exempted on pure and composite services to Central/State/UT governments and local authorities for Panchayat/Municipality functions.
• Bus operator companies selling through e-commerce are excluded from CGST Section 9(5) to allow them to pay GST and avail ITC claims. 
• All services provided by Indian Railways will be subjected to forward charge, with ITC available for discharging liabilities.

GST Rate Changes at 50th GST Council meeting

Recommendations with regard to GST on goods

• The GST Council took a decision to reduce the GST rates on the following goods:
  • Uncooked /unfried snack pellets reduced from 18% to 5%
  • Fish soluble paste reduced from 18% to 5%
  • Imitation zari threads/yarn reduced from 12% to 5%
  • LD slag to be at par with blast furnace slag and fly ash and reduced from 18% to 5%
• There is an IGST exemption on Dinutuximab (Quarziba) medicine when imported for personal use, as well as medicines and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases, and FSMP when imported by Centres of Excellence for Rare Diseases or any person or institution on recommendation of any of the listed Centres of Excellence.
• It was clarified that the supply of raw cotton by agriculturists to cooperatives, including kala cotton, is taxable under reverse charge mechanism. 
• It was further decided to regularise issues relating to past periods on an “as is basis” with regard to 
  • Raw cotton, 
  • Matters relating to trauma, spine and arthroplasty implants (for the period prior to 18.07.2022), 
  • Matters relating to dessicated coconut (for the period 1.7.2017 to 27.7.2017),
  • GST on plates and cups made of areca leaves (prior to 01.10.2019), and 
  • GST on biomass briquettes (for the period 01.7.2017 to 12.10.2017)
• It was decided to amend Entry 52B in the compensation cess notification to include all utility vehicles, by whatever name called, provided they meet the following parameters- 
  • Length exceeding 4000 mm, 
  • Engine capacity exceeding 1500 cc, and 
  • A ground clearance of 170 mm and above (in an unladen condition)
• It was decided that on pan masala, tobacco products etc, where it is not legally required to declare the retail sale price, the ad valorem rate applicable on 31st March 2023 may be notified for the levy of compensation cess.
• It was decided to include RBL Bank and ICBC bank in the list of specified banks for which an IGST exemption is available on the imports of gold, silver, or platinum.

Recommendations with regard to GST on services

• It was decided that a GST exemption would be provided on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL), and may be extended to such services supplied by other private organisations too.
• As a trade-friendly measure, GTAs will not be required to file a declaration for paying GST under forward charge every year. If the option has been exercised for a particular financial year, it will be deemed to have been exercised for the next and future financial years unless a declaration is filed to revert that decision. The deadline to exercise this option will now be 31st March of the preceding financial year instead of 15th March.
• It was clarified that services supplied by a director of a company to the company in their personal or private capacity will not be taxable under RCM.
• It was clarified that the supply of food and beverages in cinema halls is taxable as a restaurant service if they are supplied by way of or as part of a service and supplied independently of the cinema exhibition service. If clubbed together and the same satisfies the test of composite supply, the entire supply will attract GST at the rate applicable to the service of exhibition of cinema, the principal supply.

GST Rate Changes at 49th GST Council meeting

Key GST rate revisions

The 49th GST Council meeting took place on 18th February 2023 to recommend certain GST rate revisions as follows-

*To apply from 1st March 2023 as per the CGST (Rate) notifications issued on 28th February 2023

Other key GST rate related decisions

• The matter of MUV classification to be in line with SUVs could not be taken up due to paucity of time.
• GST on cement did not come up with the fitment committee for further study; may be on the list of next Council meet.
• No consensus reached for GST rate cut on millet-based health products and needs more discussions.
• Services such as renting the premises for commercial use to local bodies and others provided by registrars of courts/tribunals will attract GST on reverse charge with effect from 1st March 2023 as per the CGST (Rate) Notification no. 2/2023 dated 28th February 2023.

GST Rates for goods and services with HSN Chapters

If you want to know more about the GST rates & HSN codes according to the HSN chapters, please check the below table.

Further Reading on GST Rates Slab

• Structure of GST in India
• TCS & TDS rates under GST
• GST rates for Composition dealers
• GST Calculator India