The union budget 2017, led by finance minister Arun Jaitley, is unique and historic in many ways and it is often a highly polarizing debate with pundits from various schools of thought expressing multiple opinions.
The Government has finally announced the rates for the much-awaited Goods and Services Tax (GST). GST will have a 4-tier structure with rates ranging from 5% to 28%. It seems like a win-win for the consumers in most cases.
5%, 12%, 18%, 28% Tax Slabs on every items: Keeping inflation in mind, the Government has decided that items such as food grains, poultry, milk, fresh meat, curd, fish, flour, bread, cereals, salt, printed books, handloom items etc should not be taxed. So, the GST rate will be zero for these items. Note that almost half of the items in the Consumer Price Index fall in this category.
COMMONLY USED ITEMS OR DAILY ESSENTIALS
Commonly used items or daily essentials such as tea and coffee, will be taxed at just about 5%.
This bracket also includes medicines, kerosene and frozen vegetables among others. Services such as air and rail transport will also be placed under the 5% bracket. Items that will come under the 12% tax bracket will include cheese, Ayurvedic medicines, mobile phones, frozen meat products, sewing machines, butter etc.
This story is from the July 2017 edition of Mad About Money.
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This story is from the July 2017 edition of Mad About Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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