 "<div>GST 2.0: Products made and MRP labelled, heres how you will get benefits from Sept 22</div>")
The current four-tier tax structure, comprising 5 per cent, 12 per cent, 18 per cent, and 28 per cent, will be replaced by a simplified two-rate system
A day after the central government announced a GST bonanza ahead of the festive season, offering sweeping tax cuts on nearly 400 goods and services, companies have begun the process of adjusting their prices for consumers to implement them by September 22.
The Goods and Services Tax (GST) Council has announced next-generation tax reforms as promised by Prime Minister Narendra Modi from the ramparts of Red Fort on Independence Day. The Council has approved the centre’s proposal to streamline the indirect tax structure into a dual slab of 5 per cent and 18 per cent.
The current four-tier tax structure, comprising 5 per cent, 12 per cent, 18 per cent, and 28 per cent, will be replaced by a simplified two-rate system. Under the new model, essential or “merit” goods will be taxed at a reduced rate of 5 per cent, while the majority of goods and services will be subject to a standard 18 per cent rate.
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