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.