India’s iconic tax reform is here. Rolled out from midnight of 30th June, 2017, GST is taking the entire nation by a storm – the GST Council has pegged the tax rates for 1211 items and 600 services, holding a majority of these within 18% tax rate slab.
The GST Council has designed 4 tax rate slabs primarily for numerous items – the rates are as low as 5%, standard rates hover around 12% to 18%, whereas the highest rate found is of 28%. Some of the items had higher effective tax rates before GST implementation, but under the new tax policy, the consumers are to be benefitted at large.
Continue reading “A New India in the Make: GST’s Impact on Items and Services”