GST Council of India on Thursday, 3rd November 2016 decided the Four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess.
The lowest rate of 5% would be for common use items.
Two standard rates of 12% and 18% under the Goods and Services Tax (GST) regime expected to be rolled out from April 1, 2017.
And, highest tax slab will be applicable to items which are currently taxed at 30-31% (excise duty plus VAT).
In a layman language tax is money that an individual or an entity provides or offers to the government of a country so that this money can be used for economic, infrastructural development or to Read more…