The Centre is considering a significant overhaul of the Goods and Services Tax (GST) structure, proposing a simplified regime with just two main tax slabs of 5% and 18%, along with a special 40% rate for luxury and sin goods, PTI reported citing sources.
As part of the rejig, about 99% of items currently taxed at 12% are likely to be moved to the 5% bracket, the sources told PTI. Similarly, around 90% of taxable goods in the existing 28% slab are expected to shift to the proposed 18% category.
(More to come)
Content Source: economictimes.indiatimes.com