- PriyankaParticipantDecember 24, 2016 at 4:59 PMPost count: 2Topics: 2
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Is the rate structure finalised and what are the rates?Ashish BadalaKeymasterDecember 24, 2016 at 5:19 PMPost count: 4Topics: 1
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The GST council has not provided any rate list for GST. However the slab rates are finalised and the principle to cover the items under each rate list is also provided.
The principle to cover different items under different tax brackets are as under:
Exempted: Essential commodities
5 percent: Items of mass consumption
12 and 18 percent: Standard rate on most items (The reason to have two standard rates is to maintain the inflation impact)
More than 28 percent: Demerit and Luxury goods
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