GST revamp to see rates of 5%, 18%; 40% tax on 7 items

Bhubaneswar, Aug. 15 -- https://images.odishatv.in/uploadimage/library/16_9/16_9_0/GST_1755247311.jpeg

The central government has proposed just two tax rates of 5 per cent and 18 per cent in the revamped Goods and Services Tax (GST), slated to replace the current indirect tax regime by Diwali this year, highly placed sources said.

While the presently nil or zero per cent GST tax is charged on essential food items, 5 per cent is charged on daily use items, 12 per cent on standard goods, 18 per cent electronics and services and 28 per cent on luxury and sin goods, the revamped GST regime will have two slabs plus a special rate of 40 per cent for luxury and sin goods, they said.

When the revamped structure is approved by the GST Council, 99...