https://www.taxtmi.com/article/detailed?id=7073 GST Council adopted a multi tier tax architecture with exempted essentials, lower rates for common goods, two standard tiers and a peak rate for luxury and demerit goods, supplemented by a cess to fund compensation for revenue loss. Allocation of services across tiers remains unresolved, with concerns that placing most services in the higher standard tier would be inflationary and that multiple service rate baskets will increase classification disputes. The model promises operational efficiencies but raises compliance burdens for small and informal businesses. Cross empowerment between Centre and States for audits was not finalized; further consultations and legislative steps are planned. en-us Thu, 10 Nov 2016 11:33:01 +0530 Thu, 10 Nov 2016 11:33:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7073 GST Council adopted a multi tier tax architecture with exempted essentials, lower rates for common goods, two standard tiers and a peak rate for luxury and demerit goods, supplemented by a cess to fund compensation for revenue loss. Allocation of services across tiers remains unresolved, with concerns that placing most services in the higher standard tier would be inflationary and that multiple service rate baskets will increase classification disputes. The model promises operational efficiencies but raises compliance burdens for small and informal businesses. Cross empowerment between Centre and States for audits was not finalized; further consultations and legislative steps are planned. Articles Goods and Services Tax - GST Thu, 10 Nov 2016 11:33:01 +0530 https://www.taxtmi.com/article/detailed?id=7073