India's biggest tax reform is taking shape at a faster speed than expected. On 03 November, the GST Council announced a four-tier rate structure for the Goods and Services Tax (GST).
The new indirect tax regime will have four main tax slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent, and is expected to come into force from April 1, 2017.
The GST Council, chaired by Finance minister ArunJaitley received accolades from the industry for for putting nearly half the items in the consumer price index (CPI) basket as well as major foodgrains in the zero-rating slab. It has also decided to move goods of everyday use from 6% to 5% category.
Several manufactured items including most white goods like washing machines, air conditioners, refrigerators, shampoo, shaving stuff and soap will now be transferred to the 28 % slab.
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Diese Geschichte stammt aus der November 2016-Ausgabe von Cable Quest.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
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India's biggest tax reform is taking shape at a faster speed than expected. On 03 November, the GST Council announced a four-tier rate structure for the Goods and Services Tax (GST).
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