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of <h1>New GST Proposal: Two-Rate System for Goods, Single Rate for Services; Special Rate for Precious Metals Discussed</h1> The proposed GST rate structure includes a two-rate system: a lower rate for essential items and a standard rate for general goods. There is also a special rate for precious metals and a list of exempted items. Discussions are ongoing about retaining the VAT regime's exempted list for State GST initially and adopting a similar approach for CGST. For goods, the CGST may align with the SGST's two-rate structure, while services may have a single rate for both CGST and SGST. Specific rates will be determined through legislative processes.
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