VAT news tagged as "India GST rates"

India

India GST rate rationalisation

June 11th, 2018

India is on track to cut the number of Goods & Services Tax (GST) rates from four to three – excluding zero-rated supplies. The current rates are: 28%; 18%; 12% and 5%. The Finance Minister, Shiv Pratap Shukla, said on 8 June that details will be published in the forthcoming weeks. India GST complexity The Indian …


India

India GST rate cut plans

November 4th, 2017

India is considering removing many daily essential goods form the top Goods & Services Tax (GST) band of 28%. GST was launched in India on 1 July 2017, replacing many overlapping consumption taxes including VAT, CENVAT and Service Tax.  Whilst there remain many issues with the new indirect tax, including the reconciliation process between purchase …


India

India sets GST rates

November 6th, 2016

India has set the following Goods and Services Tax (GST) rates ahead of the implementation of the new consumption tax in 2017: 0% (essentials) 5% (basic goods) 12% 18% (principle rate) 28% (luxury goods) The central CESS tax, of 2%, will remain on luxury goods. The relatively large number or rates and broad bands may …