HI Mitul,
The GST council has not provide any rate list for GST. However the slab rates are finalised and the principle to cover the items under each rate list is also provided. The principle to cover different items under different tax brackets are as under:
|
Tax Rate |
Items |
|
Exempted |
Essential commodities |
|
5 percent |
Items of mass consumption |
|
12 and 18 percent |
Standard rate on most items (The reason to have two standard rates is to maintain the inflation impact) |
|
More than 28 percent |
Demerit and Luxury goods |
How to claculate tax on GST?
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Kolkata
CA Inter
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