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Will different goods and services have separate tax rates or just one common rate?

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Will different goods and services have separate tax rates or just one common rate?
posted Apr 2 by Tanmay

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1 Answer

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Goods have tax rate slabs, but services currently don’t. “No slab has been decided for services, and there’s an assumption that all services will be taxed at around 18%.

For goods, we will have different slabs: 0%, 5%, 12%, 18%, and 28%. Additionally, there are certain goods like luxury cars, aerated beverages, and tobacco that will have 28% plus a cess.” So the effective tax rate for luxury cars can go up to 43%, while for tobacco it can go up to 75%, according to estimates.

answer Apr 3 by Chetan Hindu
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