GST Tax Slabs

"Right now, we are just looking to maintain stability (in tax rates), a stable tax regime. Minor changes will always be there... major taxation change like merger of tax rates

India is somewhere in the middle when taxation for the upper-income bracket is considered, but leaving tax rates untouched can translate into a heavier tax burden on the population

CII's President Sanjiv Bajaj pitched for simplification of GST structure, and suggested electricity as well as fuel should be brought under GST as that will help make the industry more competitive.

The GST Council in next meet may look at raising the lowest tax slab to 8%, from 5%, and prune the exemption list in the GST regime

A think tank has requested GST Council to levy a higher tax of 18 per cent on tetra pack, arguing that the product is incorrectly categorised in the 12 per cent slab as a paper-based aseptic packaging

15th Finance Commission has suggested merging 12 and 18% tax rates

According to government sources, frozen parota (layered flatbread) does not qualify as a staple item

Six changes in tax rules that come into effect today

Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today

The errors and misapprehensions that led to constant optimism about Indian growth

GST Council had also pruned the list of items in the top 28 per cent slab to just 50 from 228 earlier

FM Jaitley also said the Council had been looking at the 28% tax slab and constantly rationalising items in it in lesser tax slabs

The GST Council will meet on November 9 and 10 in Assam's capital Guwahati

GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods

Dealers would have to maintain computerised records of input tax credit, reverse charge mechanism

With the exempted category, the existing tax slabs are of 5, 12, 18 and 28%