GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%. Finally GST Rates are Decided by GST Council. Final GST Rates out on 03-11-2016. GST rate structure finalised, GST Council fixes rates at 5%, 12%, 18% & 28. Check Complete Details for GST Rate Structure from below….The council, which began two-day deliberations in New Delhi on Thursday (3rd November 2016), decided on the four-tier tax structure with some tinkering of the Centre’s proposal. Check Complete details from below…
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GST Rates Finalised, GST Rate Slabs 5%, 12%, 18% & 28%
The lowest rate of 5% would be for common use items while there would be two standard rates of 12% and 18% under the Goods and Services Tax (GST) regime targeted to be rolled out from April 1, 2017.
Announcing the decisions arrived at the first day of the two-day GST Council meeting, finance minister Arun Jaitley said highest tax slab will be applicable to items which are currently taxed at 30-31% (excise duty plus VAT).
Luxury cars, tobacco and aerated drinks would also be levied with an additional cess on top of the highest tax rate.
Mr. Jaitley said:
“We have been able to finalise the GST rate structure. Zero-tax rate to apply to 50 per cent of items in the Consumer Price Index basket, including grains used by the common man. Five per cent duty will be levied on items of mass consumption used by common people
”Two standard rates of 12 and 18 per cent will be there in GST. Items taxed at 30-31 per cent [excise plus VAT] will be taxed at 28 per cent. Additional revenue from highest tax slab to be used to keep essential use items at 5 per cent and transfering common use items to 18 per cent.
“Luxuary cars, tobacco, aerated drinks to be levied with a cess, which along with clean energy cess, will be used to compensate States for loss of revenue. Compensation pool created through cess will be for five years. Rs. 50,000 crore is required to be paid to States for loss of revenue in the first year of GST rollout.”
|Rate of Tax||Expected bifurcation||Remark|
|Nil (Exempted Supply)||(0% of CGST & 0% of SGST)||Necessity items may be exempted, which are presently exempted in all the states for VAT. Generally, these will be in the range of 80 to 99 items.|
|5%||(2.5% of CGST & 2.5% of SGST)||Items which are exempted under excise and VAT rate is in the range of 4% to 6% may be covered under this category|
|12%||(6% of CGST & 6% of SGST)||Items on which excise duty is 6% and VAT rate are in the range of 4% – 6% may be covered under this category|
|18%||(9% of CGST & 9% of SGST)||Majority of the Items, which are not directly needed to the consumer and not covered above will cover in this category.|
|28%||(14% of CGST & 14% of SGST)||All other items which are directly reaching to the consumer including luxury goods, i.e. white goods and beverages|
GST Rate Details in Hindi
जीएसटी काउंसिल ने गुरुवार को 4 टियर जीएसटी रेट को मंजूरी दे दी। काउंसिल ने 5, 12, 18 और 28 फीसदी रेट तय किए हैं। फाइनेंस मिनिस्टर अरुण जेटली ने…
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