Mitul Patel (Tax consultants & Audit Assistant ) (35 Points)
07 November 2016
Sunil Kumar
(Indirect Taxation )
(1246 Points)
Replied 07 November 2016
HI Mitul,
The GST council has not provide any rate list for GST. However the slab rates are finalised and the principle to cover the items under each rate list is also provided. The principle to cover different items under different tax brackets are as under:
|
Tax Rate |
Items |
|
Exempted |
Essential commodities |
|
5 percent |
Items of mass consumption |
|
12 and 18 percent |
Standard rate on most items (The reason to have two standard rates is to maintain the inflation impact) |
|
More than 28 percent |
Demerit and Luxury goods |
Mitul Patel
(Tax consultants & Audit Assistant )
(35 Points)
Replied 16 December 2016
CAclubindia
