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Four-Tier GST Tax Structure finalized
By: Tupaki Desk | 3 Nov 2016 9:15 PM IST
GST Council has decided to implement four-tier tax structure from April 1st, 2017.
To lower the inflation & for the sake of poor, Foodgrains will be exempted from taxation.
The lowest tax levied would be 5 percent. This will be for items of mass consumption.
12 percent an 18 percent tax will be on goods such as soap, toothpaste, oil, shaving stick, etc.,
28 percent tax will be levied on Luxury Items like high-end cars. Even aerated drinks, tobacco and pan masala will fall under this section.
Finance Minister Arun Jaitley informed Rs 50,000 will be required to compensate the losses incurred by states from the implementation of GST Bill. GST Council is yet to finalize the goods which fall in each tax bracket.
To lower the inflation & for the sake of poor, Foodgrains will be exempted from taxation.
The lowest tax levied would be 5 percent. This will be for items of mass consumption.
12 percent an 18 percent tax will be on goods such as soap, toothpaste, oil, shaving stick, etc.,
28 percent tax will be levied on Luxury Items like high-end cars. Even aerated drinks, tobacco and pan masala will fall under this section.
Finance Minister Arun Jaitley informed Rs 50,000 will be required to compensate the losses incurred by states from the implementation of GST Bill. GST Council is yet to finalize the goods which fall in each tax bracket.