top button
Flag Notify
    Connect to us
      Site Registration

Site Registration

Will different goods and services have separate tax rates or just one common rate?

+1 vote
238 views
Will different goods and services have separate tax rates or just one common rate?
posted Apr 2, 2018 by Tanmay

Share this question
Facebook Share Button Twitter Share Button LinkedIn Share Button

1 Answer

0 votes

Goods have tax rate slabs, but services currently don’t. “No slab has been decided for services, and there’s an assumption that all services will be taxed at around 18%.

For goods, we will have different slabs: 0%, 5%, 12%, 18%, and 28%. Additionally, there are certain goods like luxury cars, aerated beverages, and tobacco that will have 28% plus a cess.” So the effective tax rate for luxury cars can go up to 43%, while for tobacco it can go up to 75%, according to estimates.

answer Apr 3, 2018 by Chetan Hindu
...