Hyderabad: The state government has notified GST rates on goods and services under the Telangana Goods and Services Tax Act, 2017 (Act No.23 of 2017) in the wake of the new tax regime coming into force from July 1.
The goods and services have been categorised into six schedules. Goods and services in Schedule-I carry a tax of 2.5 per cent; Schedule-II: 9 per cent; Schedule-III 9 per cent; Schedule IV 14 per cent; Schedule V 1.5 per cent and Schedule VI, 0.125 per cent.
Schedule-I covers 263 goods and services; Schedule-II 242; Schedule-III 453; Schedule-IV 228; Schedule-V 18 and Schedule-VI, three items were notified.
The state government has listed 149 items exempted from GST on inter-state supplies in orders issued by secretary, commercial taxes, Somesh Kumar. The components of GST are State GST, Central GST and Integrated GST.
States collect the SGST and the Central government levies the CGST. Under Integrated GST, the Centre would levy and collect the IGST on inter-state supplies of goods and services under Article 269A (1) of the Constitution.
