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GST Slabs fixed by Council

The GST council on 3 November 2016 approved four tier tax structure of 5, 12, 18 and 28 percent under the proposed Goods and Services Tax (GST).
●    There will be two standard tax rates- 12 percent and 18 percent under the GST. 
●    Under the tax structure of 5, 12, 18 and 28 percent, the lower rates will be applicable for essential items and the highest for luxury and de-merits goods that will also attract an additional cess.
●    The lowest rate of 5 percent will be for common use items while there will be two standard rates of 12 and 18 percent under the Goods and Services Tax (GST) regime.
●    Most white goods like washing machines, air conditioners, refrigerators, shampoo, shaving stuff and soap will be taxed at 28 percent (with riders).
●    The highest tax slab will be applicable to items which are currently taxed at 30-31 percent (excise duty plus VAT).
●    There has been no consensus yet on tax rate for gold.
●    The cess will be lapsable after five years.

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