GST Council approved a four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess. Goods and Services Tax is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation.
Q1. What is the new approved GST Tax structure?
Answer: 4-tier rate at 5%,12%, 18% and 28%
Source – The Hindu