ALSO READGovt. looks for timely implementation as GST Council clears State, Union Territory GST Differentiated tax in GST good for beverages sector: Coca-Cola GST Council approves state GST, Union Territory GST law GST Council to finalise draft model GST law tomorrow GST Council discusses issues related to Integrated GST
"The GST will be one of the most important indirect tax reforms in India which will replace the multitude of indirect taxes presently being levied by the Centre and the states like excise duty, service tax, special additional duty of customs, value added tax, central sales tax, and luxury tax," Sangma said.
Replying to a query raised by Congress legislator Winnerson D. Sangma, the Taxation Minister said the tax on various goods which were levied at present ranging from 3 to 9 per cent is fixed at 5 per cent, 9 to 15 per cent is fixed at 12 per cent, and 15 to 21 per cent is fixed at 18 per cent.
Sangma said goods being taxed above 21 per cent will be taxed at 28 per cent.
He said extra cess will be levied on luxury high-end commodities and cess has been fixed up to a maximum ceiling of 15 per cent.
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