03 July 2017 Current Affairs: A dual Central and state Goods and Services Tax (GST), the biggest tax reform since Independence, came into force from July 1. GST is part of a One Nation, One Tax vision of the Modi-led government.
A look at Tax Rates under GST:
GST has been primarily categorised into four tax slab rates- 5%, 12%, 18% and 28%.
Gold, rough diamond has been taxed under a separate slab of 3 per cent.
Foodgrains, cereals and vegetables have been zero rated under GST.
Most medicines will carry a tax of 12 per cent while essential drugs such as insulin will be taxed at 5 per cent, Under GST.
Mobile phone, Banking Services, Credit card bills, Personal care products, Cigarettes, Insurance premium, Home appliances, Sanitary napkins, Hotel stays will now become expensive due to implementation of GST.