GST Council has taken a step ahead towards making GST a reality. They have lifted veil from the most awaited part of GST i.e. the tax rates. They have introduced the following rates:

1. 0% – Food grains of high public consumption and which contributes to almost 50% of the inflation index;
2. 5%-12%-18% – other Goods and services
3. 28%- white goods like AC, washing machine and the likes
4. 40%& 65%- aerated drinks, Pan Masala, Tobacco products , high cars and other luxury items

GST will promote compliance through e-compliance tools for managing the compliances and promote tax governance.

ACS Bhawna Sharma

An Associate Member of Institute of Company Secretaries of India (ICSI), having an experience of more than 2 years of Corporate Law Compliances with focus on SEBI and FSSAI compliances. Presently Company Secretary of RSJ Lexsys Private Limited managing responsibilities of Compliance Officer through LexComply and also contributing to content enhancement of LexComply.