To read the Part 1 on GST : Click Here
GST council reached a consensus on the rate structure which starts from exempted goods without any tax, tax rate of 5% on essential commodities, and standard rate of 12%, 18% and 28%. For luxury goods and tobacco, it would be tax plus cess. This would be a hallmark in India’s aspiration towards uniformity of indirect taxes.
GST | Why multiple tax rates are adopted?
GST | Challenges in implementation
GST | Creating Awareness
GST | A unifier?
GST | Conclusion
GST is the biggest tax reform of independent India. It gives India a subscription of many successful federal states like Australia which have successfully imbibed the uniformity in indirect tax structures and glorified their economic development with maximisation of revenue and minimisation of hassles for both businesses and consumers.
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