GST Rates Finalised
posted on Nov 3, 2016 @ 6:23PM
The council, which began two-day deliberations in New Delhi on Thursday, decided on the four-tier tax structure with some tinkering of the Centre’s proposal. The Goods & Services Tax (GST) Council has finalised a four-rate tax structure at 5, 12, 18 and 28 percent, Finance Minister Arun Jaitley announced at a press conference on Thursday.
The finance minister also said 5 percent duty will be levied on items of mass consumption used by common people and that 2 standard rates of 12 and 18 pc will be there in GST. Jaitley further said that cost empowerment issue will be taken up on Friday.
The rate and scope of the long-delayed tax has been agreed upon by the powerful GST Council, which consists of Mr Jaitley and his counterparts from the different states. White goods category, which is presently taxed at 30-31 percent, will be under the 28 percent category with riders. While cars will be under 28 percent category, luxury cars will be taxed much higher.