GST (Good & Service Tax) has been already launched on midnight of 1 July 2017, but the preparation was going for a long time and now its roll out for everyone. In Media, it’s been calling a One Nation One Tax, but this tax has a lot more good effect on everyone. But in this article, we are going to talk about how it can impact the Toys and Sporting Goods and what percentage taxes are going to valid on them.
Confirmed GST Rates on Toys and Sporting Goods
GST based on the concept of Harmonised System Nomenclature or HSN, an Internationtional System which takes out from Classifying goods from International Trade. The Rates of GST fixed in India (as per Govt. revealed), the percentage starts from 0% to 28%, in which they are carrying 5%, 12%, and 18% respectively.
The Toys and other Sports goods imported from outside of country fall right under 12% or 18% or 28%. Down below you can find what type of products are comes under the tax margin.
GST Tax on Toys
- Pedal Cars, Scooters, Tricycles and other than Electronic toys are going to come under 12% tax slab.
- Same Pedal Cars, Scooters which comes under Electronic toys comes under 18% GST Slab.
- All the Video Games and their consoles are taxed under 28% GST.
- Articles like Festive, Carnival or Conjuring tricks or jokes and other entertainment stuff have to pay a tax of 28% GST.
NOTE: If the toys not mentioned above or not falling in any above category have to pay 28% GST by Default.
GST on Sports Goods
- Sports good which doesn’t get included in Articles and Equipment for normal physical exercise are going to come under 5% GST Slab.
- Fishing Rods and hooks with other lines of fishing equipment like Tackle and Nets are also qualified for 5% GST.
NOTE: other than above mentioned, other sporting goods may fall in the category of 28% by Default.
GST Rates on Swings and Amusement Park Equipment
Many types of equipment for amusement parks like swings, shooting galleries and other amusements come fallen into 28% GST.
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