Four-tier GST rate structure of 5, 12, 18, 28 percent has been announced by the GST Council in addition to zero rated goods
GST
Dated:- 3-11-2016
New Delhi: In the latest, four-tier GST rate structure of 5, 12, 18, 28 percent has been announced by the GST Council.
\nZero-tax rate will be applied to 50 percent of items in CPI basket, including foodgrains used by common man, says Arun Jaitley.
\n5% duty will be levied on mass consumption items used by common people; 2 Standard Rates of 12%, 18% will be there in GST, said he.
\nItems taxed at 30-31 percent (excise plus VAT) will be taxed at 28 percent, said Jaitley. Furthermore, additional revenue from highest tax slab is to be used to keep essential use items at 5% and transferring<\/p>\n
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