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·         In the latest news, four-tier GST rate structure of 5, 12, 18, 28 percent has been announced by the GST Council.

·         Zero-tax rate will be applied to 50 percent of items in CPI basket (consumer products), including food grains used by common man.

·         5% duty will be levied on mass consumption items used by common people. Further, two Standard Rates of 12% and 18% will be there in GST.

·         Items which are currently taxed at 30-31 percent (excise plus VAT) will be taxed at 28 percent.Furthermore, additional revenue from highest tax slab is to be used to keep essential use items at 5% and transferring common items to 18%.

 

·         The rates, discussed at a meeting of the GST Council, oversee plans to introduce the national sales tax next spring, and are steeper than the rates of 6, 12, 18 and 26 percent earlier proposed by the government.

Posted on: 03-11-2016