Arun Jaitley announces four-tier GST rate structure

Arun Jaitley announces four-tier GST rate structure

The GST Council, which began 2-day deliberations in the capital, has finalised a 4-tier tax structure with some tinkering of the Centre’s proposal.

Arun Jaitley announced that four-tier GST rate structure of 5, 12, 18, 28% has been decided. Union Finance Minister said zero-tax rate to apply to 50% of items in CPI basket, including foodgrains used by common man. 5% duty will be levied on items of mass consumption used by common people; 2 standard rates of 12 and 18 % will be there in GST. Arun Jaitley said, ” Considering the inflation impact of having one standard rate, there’ll be 2 standard rates of 12% and 18%”. Read more…

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