Goods and Services Tax – GST – By: – Monarch Bhatt – Dated:- 5-11-2016 Last Replied Date:- 6-11-2016 – On 03rd day of November, 2016 GST council began it s two days discussion wherein, centre had proposed for four tier rate structure. The proposed rate structure by the centre was 6%, 12%, 18% and 26%, which was finalised with slight modification and the finalised rates are 5%, 12%, 18% and 28%. My quick views on GST rates are as follows. In my view GST rates, adopted by the council for recommendation are very reasonable as it is subsuming all the current indirect tax levies including excise duty, VAT, Service Tax, and entry tax. I consider it as five tier rate structure and not four tier rate structure as one of the important rate under GS
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ries made from precious metals with or without stones may attract lower rate than currently announced lowest rate of 5%. However, jewellery made up with higher caret stone or over the specified grams may get covered under the category of luxury goods to attract 28% GST. However, it will lead to grey market and therefore such recommendation will be avoided by the council. The common usage goods will attract lowest tax rate of 5%. The higher rate of 28% will apply to luxury goods like cars. Additional cesses will also be imposed over and above 28% slab rate on Luxury cars, tobacco products, and aerated drinks. Therefore, such luxury products will be chargeable to much higher rate than recommended rate by the GST council. Services likely to at
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