GST RATES IN INDIA – ANNOUNCED BY THE GST COUNCIL APPLICABLE W.E.F. 01/04/2017
The GST Council has announced the Proposed Rates of Tax under GST to be implemented in India w.e.f. 01-04-2017.
There are 5 Categories of GST Rate’s that have been accepted by the all powerful GST Council with full concensus:-
1. Zero Rated Items – Including Food Grains and Other Essential Items to taxed @ 0%;
2. Mass Consumption Items – Which will be Taxed @ 5%;
3. Standard Rate (Slab 1) – Which will be Taxed @ 12%;
4. Standard Rate (Slab 2) – Which will be Taxed @ 18%; and
5. Highest Rate Slab – Including White Goods that will be Taxed @ 28%.
In addition to the GST, certain items like Luxury Car, Tobacco and Aerated Water will be subjected to additional Cess in addition to the Highest Tax Rate.
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GST provides for levy of CGST,SGST and IGST. The rates proposed above includes all or there will be separate levies for others. Proposed levy at !8% and 28% are quite high ,if taxes are low there will be no incentive for tax evasion.In my opinion low tax regime and unnecessary bureaucratic controls can help in eradication of black money substantially ,bring honesty and transparency.