New Delhi, Aug. 21 -- A range of goods from cars to kitchenware may turn cheaper in the near future, with a top panel of state ministers greenlighting a proposal to simplify India's indirect tax system. A ministerial panel formed by the Goods and Services Tax (GST) Council endorsed the Centre's proposal for a simplified tax structure on Thursday, setting the stage for its rollout before the coming festive season.
Currently, GST is applied in four slabs - 5%, 12%, 18% and 28%. Plus, there is a cess levied on luxury items and so-called sin goods like tobacco and caffeinated beverages. The plan approved on Thursday envisages scrapping the 12% and 18% slabs. This will involve shifting most items in the 12% slab to 5%, and most of the product...
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