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GST Rates Decided, 4 Slabs Ranging From 5 To 28%: 10 Developments

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  • The rate and scope of the long-delayed tax has been agreed upon today by the powerful GST Council, which consists of Mr Jaitley and his counterparts from different states.
  • The four GST slabs have been set at 5%, 12%, 18% and 28% for different items or services.
  • The brackets are steeper than the rates of 6, 12, 18 and 26% earlier proposed by the government.
  • The peak rate of 28% will apply to luxury goods. GST for tobacco products will be fixed at the level of cess that these products attract now.
  • The Finance Minister pointed out that the average is lower than the 18% demanded by the opposition, in particular by the Congress.
  • Service Tax will go up from 15% to 18 %, said the Revenue Secretary.
  • The tax rate agreed upon today must be now be approved by parliament, which meets from November 19 for the winter session.
  • Parliament has to pass two bills related to GST in the winter session to be on track to roll out of the new indirect tax regime from April 1 next year.
  • Fitment or categorization of items for each slab will be done by officials and will then be approved by the GST council, Mr Jaitley said.
  • GST does away with indirect levies charged when goods cross state lines and unifies India into a single market.
-Source:- http://www.ndtv.com/india-news/gst-rates-fixed-at-5-12-18-and-28-per-cent-says-finance-minister-arun-jaitley-1620989

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