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GST finalized; Govt keeps rates as low as 5 per cent

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 3 Nov 2016 5:19 PM GMT

GST finalized; Govt keeps rates as low as 5 per cent
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Arun Jaitley
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New Delhi: Finalizing the Goods and Services Tax (GST) Rates at as low as 5 per cent followed by 12 per cent, 18 per cent and 28 per cent, Finance Minister Arun Jaitley on Thursday said that government has announced a zero tax rate on food grains used by common people.

The announcement was made by Jaitley after a high-level meeting in New Delhi.

The long-awaited tax would transform Asia's third largest economy into a single market by harmonizing a slew of central and state levies.

Key points of GST rates:

  • Five per cent GST rate on items of mass consumption.
  • The additional revenue from 28 per cent slab will be used for the 5 per cent slab.
  • Aerated drinks, pan masala, luxury cars, and tobacco products will be taxed higher than 28 per cent.
  • There was no consensus yet on tax rate for gold.

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Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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