Highlights of GST Launch, A look at tax rates

Posted on:03 Jul 2017 10:53:05
Highlights of GST Launch, A look at tax rates
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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

15 DECEMBER
NEWS
14 DECEMBER
NEWS
13 DECEMBER
NEWS
12 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS