NEW DELHI: Four-tier GST rate structure of 5, 12, 18, 28 per cent
decided by the all-powerful GST Council.
We have been able to finalise GST rate structure, says
Finance Minister Arun Jaitley.
Zero-tax rate to apply to 50 pc of items in CPI basket,
including foodgrains used by common man, says FM.
5 pc duty will be levied on items of mass consumption
used by common people; 2 standard rates of 12 and 18 pc will be there in GST says FM.
Items taxed at 30-31 pc (excise plus VAT) will be taxed at
28 pc said FM.
Additional revenue from highest tax slab to be used to
keep essential use items at 5 pc and transfering common use items to 18 pc says FM.
Luxuary cars, tobacco, aerated drinks to be levied with a
cess which along with clean energy cess would be used to compensate states for loss of revenue said FM. (agencies)
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