One of the main objective of Goods & Services Tax(GST) is be to eliminate the double taxation i.e. cascading effects of taxes on production and distribution cost of goods and services. Introduction of a GST to replace the existing multiple tax structures of Centre and State taxes are not only desirable but imperative. Integration of various taxes into a GST system would make it possible to give full credit for inputs taxes collected. GST, being a destination-based consumption tax, is based on VAT principle.

The Goods and Services Tax (GST) has been finalized for almost all items by the GST Council. The council revised tax rates for 66 items. Most of the goods and services have been listed under the four broad tax slabs – 5%, 12%, 18% & 28%. However, some items like gold and rough diamonds have exclusive tax rates. Also, some items have been exempted from taxation. The new GST regime might well affect your personal budget with quite a few goods and services getting cheaper or dearer.

For the advertising industry, GST provides for a 3% increase in service tax, from 15% to 18%. Without commenting on its merits/demerits, MATChBOX, a leading advertising agency of Indore, brings out the list of goods and services and their respective tax slabs:

Tax Exempted

Goods
Food Items: Fresh meat, fish, chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits & vegetables, flour, besan, bread, all kinds of salt, jiggery & hulled cereal grains.
Beauty Products: Bindi, sindoor, kajal, palmyra, human hair and bangles.
Books/Stationeries: Drawing or colouring books, stamps, judicial papers, printed books, newspapers.
Others: Jute and handloom, bones and horn cores, hoof meal, horn meal, bone grist, bone meal, etc.

Services
Grandfathering service.
Hotels and lodges with tariff below Rs 1,000.

Special Tax Rate

• 0.25% on rough precious and semi-precious stones.
• 3% on gold.
  

5% Tax

Goods
Food items: Fish fillet, packaged food items, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, cashew nut, cashew nut in shell, raisin, ice and snow.
Apparel & Footwear: below Rs 1000 and footwear below Rs 500.
Fuels: Bio gas, kerosene and coal.
Health: Medicine, insulin and stent.
Others: Agarbatti (incense sticks), kites, postage or revenue stamps, stamp-post marks, first-day covers and lifeboats.

Services
Transport services: Railways and economy class air travel.
Restaurants: Small restaurants

12% Tax 

Goods
Edibles: Frozen meat products, butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, namkeen and ketchup & sauces.
Gadgets: Cellphones.
Cutlery items: Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs.
Health: Ayurvedic medicines and all diagnostic kits and reagents.
Utility items: Tooth powder, umbrella, sewing machine and spectacles and indoor game items like playing cards, chess board, carom board and other board games like ludo.
Apparel: Above Rs.1000.

Services
Non-AC hotels, business class air ticket, fertilizers, work contracts.

18% Tax

Goods
Consumables: Biscuits, flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasonings and mineral water.
Footwear: Costing more than Rs 500
Electrical/Electronic: Printed circuits, camera, speakers and monitors, printers (other than multi function printers), electrical transformer, CCTV, optical fiber.
Others: Bidi leaves, tissues, envelopes, sanitary napkins, note books, steel products, kajal pencil sticks, headgear and its parts, aluminium foil, weighing machinery (other than electric or electronic weighing machinery), bamboo furniture, swimming pools and padding pools.

Services
AC hotels that serve liquor
Telecom services
IT services
Branded garments
Financial services.

28% Tax

Goods
Edibles: Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala and aerated water .
Personal care items: Deodorants, shaving creams, after shave, hair shampoo, dye and sunscreen.
Transport: Automobiles, motorcycles and aircraft for personal use.
Others: Bidi, paint, wallpaper and ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers and hair clippers.

Services
5-star hotels
Race club betting
Movie tickets above Rs.100.

Source: http://timesofindia.indiatimes.com/business/india-business/gst-rates-heres-your-complete-guide/articleshow/59109570.cms