GST rates finalised: What are the hits and misses for the common man?

Footwear below Rs 500 will be taxed at 5 per cent under the Goods and Services Tax, while the rest would be in the 18 per cent bracket once the new regime is rolled out from July 1.

Gold, on the other hand, will be taxed at 3 per cent and biscuits at 18 per cent.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, today decided on tax rates for six goods including footwear, textiles, biscuits and gold.

Sources said the footwear costing below Rs 500 will be taxed at 5 per cent while that above Rs 500 will attract 18 per cent levy. Currently, footwear priced from Rs 500-1,000 attracts 6 per cent excise duty. Besides, states also levy VAT.