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GST: Auto likely to face the brunt of 28% tax bracket plus cess

Consumer goods and life-saving drugs to get cheaper

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Gst Bill

Arnab Dutta Sheetal Agarwal Aneesh Phadnis & Shubham Parasher  |  New Delhi/ Mumbai 

India moved a step ahead in adopting its biggest tax reform since Independence, namely, the Goods & Services Tax (GST), with the GST Council fixing rates of 1,211 items today.

The good news is that consumer goods and life-saving drugs are likely to get cheaper, while auto may face the brunt of higher tax incidence as cars are likely to fall in the 28 per cent tax bracket plus cess. Of the 1,211 items, 7 per cent are on the exempt list, 14 per cent will be taxed at 5 per cent, 17 per cent will be taxed at 12 per cent, 19 per cent will be taxed at 28 per cent and the rest will ...

First Published: Thu, May 18 2017. 22:44 IST
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