Day: 21 November 2016

GST Council has fixed four-tier GST structure in Nov 2016 and it is expected to be rolled out from April 2017. The rate structure is 5%, 12%, 18% and 28% with lower rates for essential items and highest for luxury items. GST 0% Tax -  Some essential items including food grains, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. GST 5% Tax -  mass consumption items such as edible spices, tea, coffee, mustard oil will fall under this tax slab. GST 12% Tax - Process food items such as bread, cheese, readymade meals, milk, Computers will fall under this tax slab. GST 18% Tax - Soaps, Oils, shaving sticks, toothpaste, refrigerators, smart phones GST 28% Tax -  Most white goods, like washing machines, air conditioners, will be taxed at 28 perce...