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In the article below, we would like to give you a brief idea about what changes you can expect from 1st January 2019 in terms of GST rates on specific products which will come as a big relief to you as the ultimate consumers. In this article, we will discuss the Latest update on GST Rates.
But before moving ahead, let us have a brief idea what GST is.
Goods and Services Tax (GST) is an indirect tax which is levied in India on the supply of goods and services. GST is levied at every step in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer.
In India, GST came into effect from 1st July 2017
Goods and services are divided into five tax slabs for the collection of the tax which are 0%, 5%, 12%, 18%, and 28%.
Who govern it?
The tax rates, rules, and regulations are governed by the GST Council which consists of the finance ministers of centre and all the states.
It is the governing body of GST having 33 members which are chaired by the Union Finance Minister.
To give more clarity, we have classified all the goods on which GST rate have been reduced
The above rates would be applicable from 1st January 2019.
The government is likely to bring out additional benefits in the next GST council meeting in January which will offer more relief to the common man.
For more information regarding the update on GST Rates, please free to contact Enterslice.
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