The Indian Goods and Services Tax (GST) Council ({News-2016-09-27/A/2- previous coverage}) has agreed on the GST rate structure during its last meeting on 3 November 2016. The rate structure includes:
- A zero rate for essential goods;
- A 5% reduced rate for certain commonly used goods;
- An 18% standard rate for most goods and services; and
- A 28% increased rate for luxury goods.
The council also agreed on the levy of an additional cess on luxury cars, tobacco, and certain drinks. This addition…