GST rates will spare common goods : What’s in store for the aam aadmi

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The rate and scope of the long-delayed tax, which would transform India’s economy into a single market, has been agreed upon today by the GST Council.

The tax rates would range from 5 to 28 percent, with 12 percent and 18 percent as standard rates, – steeper than the rates of 6, 12, 18 and 26 percent earlier proposed by the government.

The fifth rate for gold and precious metals, which was earlier proposed at 4%, will be decided later but is likely to be lower.

  1. Common man’s dal-chawal untouched
  2. The peak rate of 28% will apply to luxury goods
  3. Additional cess
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