GST rates: Here’s what will change from today
In only a few hours from now, India will launch the Goods and Services (GST) that aims to bring the country under a uniform tax regime. The GST launch event will take place at the Parliament at midnight on Friday.
GST rates have been fixed for over 1,000 items, and the GST Council has taken care that the new tax slabs are as close to the current structure to ensure that the transition is revenue-neutral.
Although there are four tax slabs—5%, 12%, 18% and 28%—most of the commodities fall in the 12% and 18% slabs. Here’s a list of items on which tax rates will change after the GST launch.