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GST overhaul: Most items to attract 5%, 18% tax; luxury goods may touch 40%
New Delhi
The Centre has proposed a major overhaul of the goods and services tax (GST) structure, suggesting 5 per cent and 18 per cent rates for most goods, while a special 40 per cent levy would apply to luxury and sin items, PTI reported on Friday, citing government sources. Nearly 99 per cent of items currently taxed at 12 per cent are expected to move to the 5 per cent slab, while around 90 per cent of goods in the 28 per cent bracket would fall under the 18 per cent rate.
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