GST regime was rolled out in the year 2017 with the approach of “ One Nation One Tax “.GST rates are fixed on the basis of Harmonised System Nomenclature or HSN, which was invented by the World Customs Organization (WCO) with the objective of classifying goods in a structured fashion at an international font.
In India the GST rate for all products are fixed and classified under five tax rate slabs – 0%, 5%, 12%, 18% and 28%. The toys and sporting goods fall under the category of 12% or 18% or 28% GST rate. Let’s have a deeper dive in the GST rates on toys and sports goods.
