New Delhi: Hailed as the biggest tax reform since India's independence, Goods and Services Tax is scheduled to be rolled out from July 1 as the all-powerful GST Council on Thursday finalised tax rates for bulk of the items.
The GST rate for all but six out of the 1,211 items was decided at the first day of the two-day meeting.
Under the new tax regime, rates will range from 5 to 28 percent, with 12 percent and 18 percent being the standard rates.
Click below the link to know the GST rates item-wise
http://www.cbec.gov.in/resources//htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule-18.05.2017.pdf
Revenue Secretary Hasmukh Adhia said 7 percent of the items fall under the exempt list while 14 percent have been put in the lowest tax bracket of 5 percent. Another 17 percent items are in 12 percent tax bracket, 43 percent in 18 percent tax slab and only 19 percent of goods fall in the top tax bracket of 28 percent. As many as 81 per cent of the items will attract 18 percent or less GST.
