Luxury goods, 'demerit' items set to burn a hole in your pocket under GST

GST Council caps cess on luxury goods at 15%, to be charged over and above standard GST rate

If you thought cost of living was going higher, brace yourself for even higher costs, especially if you like to consume what are referred to as luxury goods,

Moving a step closer to implementing the goods and services tax, India’s most ambitious indirect tax reform, the GST Council, chaired by Union Finance Minister Arun Jaitley, on Thursday approved the drafts of the two remaining enabling laws — State GST and Union Territories GST.

 

The GST Council decided to cap the cess on luxury goods in