The GST council has approved four tier tax structure under the proposed Goods and Services Tax (GST).What is that four tier tax structure

2016

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	5, 8, 13and 26 percent
B	5, 12, 18 and 28 percent
C	1, 14, 18 and 32 percent
D	9, 13, 19 and 35 percent

Explanation:

Detailed explanation-1: -The GST was carefully crafted to keep both the burden of the common man and inflation rates in mind. The four-tier tax structure contains four separate rates: a zero rate, a lower rate, a standard rate, and a higher rate.

Detailed explanation-2: -The Goods and Services Tax or GST Council has decided upon the four-tier structure of GST to be 0%, 5%, 12%, 18% and 28%, and this would be followed strictly.

Detailed explanation-3: -The GST Council determines the GST rate slabs. The GST Council reviews the rate slabs for goods and services on a regular basis. GST rates are typically high for luxury items and low for necessities. GST rates in India for various goods and services are divided into four slabs: 5% GST, 12% GST, 18% GST, and 28% GST.

Detailed explanation-4: -GST has new gst rates of 5%, 12%, 18%, and 28%. 7% items are exempted from GST, whereas, 14% items have 5% GST tax slab and 17% items have 12% GST tax slab. Around 43% items have 18% GST slab rate and 19% items have 28% GST slab rates.

Detailed explanation-5: -Jaitley announced that the new system would comprise of a four-tier tax structure. According to the Finance Minister, the rates have been finalised by the GST council at 5 percent, 12 percent, 18 percent and 28 percent.

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