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More Clarity in the GST Regime
The tax rates of over 1200 goods under the Goods and Services Tax (GST) regime is finally out. The details of the rates were announced by the GST council met in Srinagar. This has given more clarity on the GST regime set to be operational from July1. In an initial list of 1211 items, 43% of the goods will be taxed at a rate of 18%. 17% of items fall under 12% slab and another 14% will be under 5% tax rate.7% of the items, comprising essential goods have been exempted from all taxes. While a significant 19% of items is placed under the highest slab of 28% tax rate. Along with these four slabs, additional cess has been imposed on luxury and sin goods. The government has said that the GST regime would be revenue neutral. While progressive taxation is justifiable, the high tax rate of 28% could disappoint the middle class. Over all, the tax regime cannot be said to be simplistic as expected.

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