Anita Rastogi & Preetam Singh (for Info only, not official)

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Anita Rastogi & Preetam Singh

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    ...For a common man, the key area of interest revolves around the price of products and services that she would use. But the questions in people’s minds are: would GST lead to inflation and what would be the tax rate applied on goods and services? Rate of tax In November 2016, the GST Council recommended a rate structure for goods. • 28% is the highest rate for luxury goods, sin or demerit goods, with an additional levy of cess. • 18% standard rate may also include goods increasingly used by common households. • 12% is the standard concessional rate of tax. • 5% rate includes goods of mass consumption such as essential commodities. • Those with nil tax include about 50% goods in the consumer price index. • No specific rate has been prescribed for services . Various products such as food grains, essential medicines, fruits, vegetables and others may fall under the bracket of nil tax. Goods of mass consumption used by common people may be charged at 5%. ...

    Live Mint on Jan. 19, 2017, 4:55 p.m.