Central Government and State Government have reached a consensus over the tax rate slabs under Goods and Services Tax Bill. The tax rates of the GST was taken on Thursday in the GST Council Meet. The decision on the slabs will help to implement the GST across India by April 2017.
In order to cover all the products and commodities into the ambit of GST, the Council meet has decided four tax slabs. In order to safeguard the interest of the rural population, the government has finalized 0% tax rate for the basic commodities included in Consumer Price Index. The four slabs are 5%, 12%, 18% and 28% depending on the variety of good and commodities.