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After months of deliberation, the Goods and Services Tax (GST) Council finalised the tax rates to be levied under the new indirect tax regime. As such, there will be four tax slabs corresponding to 5, 12, 18 and 28 per cent, respectively. While taxes on white goods and telecom have been bumped up to 28 per cent and 18 per cent, respectively, those on items such as soap and toothpaste have been lowered as shown in Chart 1.
Some are concerned that the shift to the GST is likely to increase firms’ working capital requirements. A study by India Ratings
