GST rates: Fresh milk,vegetables, fruits under zero percent tax slab; branded items at 5 percent

In a series of tweets today evening, Ministry of Finance informed that daily consumer goods will be exempted from taxes under Goods and Service Tax, making them cheaper by four to five per cent.

One of the tweets read, "Daily Consumer goods being used by the common man among others to become cheaper after GST."

Daily Consumer goods being used by the common man among others to become cheaper after GST .

- Ministry of Finance (@FinMinIndia) June 8, 2017

Ministry of Finance stated that day-to-day commodities will attract zero GST after the indirect tax regime is rolled out on July 1.

"On roll-out of GST wef July 1, 2017, there will be zero GST on foodgrains, flours, cereals, pulses, atta, maida & besan among others," said another tweet by the Ministry.

On roll-out of GST wef July1,2017, there will be zero GST on Foodgrains,flours,Cereals,Pulses, Atta, Maida
& Besan among others.

- Ministry of Finance (@FinMinIndia) June 8, 2017

Along with these commodities, fresh milk, fresh vegetables and fruits, puffed rice, common salt, animal feed, organic manure and fire wood will also be put under the zero per cent tax slab. However, branded ones with registered trademark will be taxed at five per cent under GST.

No GST will be charged on Fresh milk,fresh vegetables & fruits,Puffed rice (muri),Common salt,Animal feed,Organic manure,and Fire wood.

- Ministry of Finance (@FinMinIndia) June 8, 2017

Apart from these, raw silk, wool or jute and hand operated agricultural equipments will also be taxed at zero per cent, 'making all these items cheaper for the common man.'

GST disruptive, but positive, says WGC

The impact of GST on gold will be disruptive for short-term on account of change in consumer behavior, but things are likely to work out for good, said World Gold Council (WGC) in a reported titled 'GST's impact on India's gold market'.

"Our econometric analysis spanning 26 years of data illustrates that higher taxes act as a headwind to gold demand. But the tax should also change the industry to the benefit of the consumer," WGC stated in the report.

Small-scale artisans and retailers with varying degrees of tax compliance may struggle to adapt, it added.

The GST Council, in its last meeting , decided to charge three per cent tax on gold that will replace the 2.2 per cent of excise duty and VAT presently charged against it.

Jaitley asks lawmakers to work for GST awareness

Finance Minister Arun Jaitley urged Member of Parliament and Members of Legislative Assembly to spread awareness about GST norms to facilitate its rollout on June 1. Jaitley also wrote to leaders of all political parties, expressing gratitude for their cooperation and contribution in realising GST.