New Delhi, Sept. 21 -- New GST rates are set to be implemented from tomorrow marking a tax rationalisation move with a focus on common-man, labour-intensive industries, farmers and agriculture and healthcare.
Earlier in September the 56th GST Council put new tax slabs on the table aiming for a multi-sectoral and multi-thematic focus on improving the lives of citizens and improving the ease of doing business for all.
Under the new approved GST plan rationalisation of four-tiered tax structure into a citizen-friendly 'simple tax'--a two rate structure with a Standard rate of 18 pc and a Merit rate of 5 pc: a special de-merit rate of 40 pc for a select few goods and services.
Prices of common man items will witness a decline as GST council ...