vat

GST rate on consumer durables should be 18% says CEAMA

In a concrete move towards benefitting the economy, the centre and states have recently taken the first step by signing off on a four-tiered tax system i.e., 5%, 12% 18% and 28%. Here, the three slabs 5%, 12% and 18% have been targeted for the common man comprising of mass consumption items like spices and mustard oil (5%), processed foods (12%) and soaps, oil, toothpaste, refrigerator and smartphones (18%). The 28% slab will comprise of white goods, cars, luxury cars, pan masala, tobacco and aerated drinks.