A meeting of the GST Council is scheduled for the weekend where further rationalisation of the items in the 28 per cent tax bracket is expected. The Goods and Services Tax (GST) implementation has also brought down tax rates on luxury goods like air conditioners and automobiles. Similarly, on luxury goods, tax incidence on automobiles, cement, air-conditioning machines, dishwashing machines, digital cameras, video game consoles and monitors and projectors came down from 31.30 per cent to 28 per cent. A meeting of the GST Council is scheduled for the weekend where further rationalisation of the items in the 28 per cent tax bracket is expected. The GST not just made India one market by levying uniform tax rates on goods and services, it also did away with tax-on-tax prevalent in the previous system.

Source: Mint December 18, 2018 14:15 UTC