Among the goods, mass consumption items like fresh fruits, vegetables, pulses, bread and milk have been exempt from any taxes, and the same holds true for services like health and education.
Although the real estate sector has been kept out of the GST, under-construction property would be subject to 12 per cent GST rate, as against the present incidence of 15 per cent service tax.
Taxi aggregators will also see marginal reduction in tax rates as the effective rate comes down to 5 per cent from 6 per cent. Motorcycles could also see some reduction in prices as the levy will come down by a percentage point to 28 per cent.
While electrically operated 2/3 wheeler vehicles will also see a decline in taxes from 14 per cent to 12 per cent, solar panels could see a steep hike in tax rates to 18 per cent from the present 0-5 per cent.
- The tax incidence on soaps and toothpaste under the GST regime would also come down to 18 per cent from the existing 25-26 per cent.
- Cost of packaged cement is expected to ease as the tax rate will come down to 28 per cent from the existing 31 per cent.
- Medicines, including ayurvedic drugs, as also medical devices will face a lower incidence at 12 per cent, compared to the existing 13 per cent.
- Besides, puja items, including those for havan, bindi and kumkum have been kept in the exempt category.
- Under the GST regime, five-star restaurants will see an increase in tax incidence, while the levy on non-AC restaurants may come down marginally.
- Under the GST regime, restaurants not having AC and liquor licence will attract 12 per cent levy. On restaurants having AC or liquor licence, the tax would be 18 per cent. Five-star or above restaurants will be taxed at 28 per cent.