GST revamp to see rates of 5%, 18%; 40% tax on 7 items

GST revamp to see rates of 5%, 18%; 40% tax on 7 items https://www.taxtmi.com/news?id=52643 The proposal consolidates GST into two principal rates covering the bulk of goods and services and adds a special elevated rate limited to seven luxury and sin items, including tobacco; it envisages reclassifying most items from current intermediate and top slabs into the two main rates while preserving existing rates for specified labour intensive and export oriented sectors, with an expected consumption boost to offset revenue impacts. en-us Fri, 15 Aug 2025 18:01:04 +0530 Fri, 15 Aug 2025 18:01:04 +0530 TaxTMI RSS Generator GST revamp to see rates of 5%, 18%; 40% tax on 7 items https://www.taxtmi.com/news?id=52643 The proposal consolidates GST into two principal rates covering the bulk of goods and services and adds a special elevated rate limited to seven luxury and sin items, including tobacco; it envisages reclassifying most items from current intermediate and top slabs into the two main rates while preserving existing rates for specified labour intensive and export oriented sectors, with an expected consumption boost to offset revenue impacts. News - Fri, 15 Aug 2025 18:01:04 +0530 https://www.taxtmi.com/news?id=52643