The GST Council chaired by Finance Minister Nirmala Sitharaman has announced reforms that have brought significant relief to consumers by slashing GST rates on a range of discretionary items.
The GST Council has reduced the goods-and-services-tax rates to 5% and 18%, eliminating the existing four-tier structure. The revised GST rates will come into effect from Sept. 22.
The government has removed the 12% and 28% tax slabs. However, ‘sin goods’ like tobacco and related products, including cigarettes, will attract a hefty 40% tax.
Let’s take a look at five common discretionary items and their indirect tax rates across various countries. NDTV Profit compared the GST rate on discretionary items like televisions, refrigerators, washing machines, laptops, and phones with other countries.
