There is no denial to the fact that GST is the unique tax regime of the country. The very presence of this taxation system has created a situation of disruption in the entire economy. As it is one of the most anticipated tax regimes of the country, it has always been the hot topic of discussion since the time it was introduced. The very nature of this taxation is that it eradicates the multi-stage levy of taxes in an attempt to simplify the tax structure of the country. GST has subsumed numerous indirect taxes and with the enactment of this taxation system, only one kind of tax would be applicable on all those entities which fall under the purview of it. Though there are numerous articles pertaining to GST bill latest news doing rounds, one of the biggest topics of discussion is concerned with the rates which the government has finalised.
It is known to all that GST follows a four-tier rate structure and the charges are applied at the rate of 5%, 12%, 18% and 28%. Also, there are certain goods of mass consumption which fall under the category of zero percent taxes. Initially, there were a lot of products which were being taxed at 28 percent but recently the GST Council took the step of slashing the rates of more than 200 items last month. This was the most sizzling GST bill latest news as right from chewing gum to beauty products, the rates of 178 daily use items was reduced from 28 percent to 18 percent. In addition to this, a uniform levy of 5 percent was applicable on air-conditioned and non-AC restaurants.
After reducing the taxes across categories to such a significant extent, the government is still hinting towards the fact that further rationalisation of rates can be expected in the near future. In addition to this, the authorities are of the opinion that the items which are present in the top bracket of 28 percent should be reviewed again in order to rationalise the rates further. Undeniably, this GST bill latest news has created a sensation and people are actually waiting desperately for any further clarification from the end of the government pertaining to this. If the articles in the top taxable list are reviewed again then that would mean a further relief for the masses as they can expect the rates of numerous commodities to fall further.
Previously, a total of 228 items were a part of the 28 percent tax slab. However, the GST Council has rationalised it to a great extent in order to reduce the number to just 50.