GST Rate Structure

A four-tier GST tax slabs have been decided by the Finance ministry.
The Details are given below:

• Zero Tax Rate : There won't be any tax on almost 50% of the items in the Consumer price Index basket including grains used by the common man
• 5% Tax slab : This is applicable on items of mass consumption used by common people.
• There would be two standard rates of 12% and 18% under the GST regime.
• All the items (especially luxury items) which are now taxed at around 30% will fall under 28% GST rate slab.
• An additional cess would also be levied on luxury cars, tobacco products and aerated drinks besides the highest tax rate(28%)
• The tax rate proposal will now be placed in parliament for its approval