On May 18, the Indian GST Council met and determined the GST rate applicable to specific goods and services. The rate structure was set previously, containing four slabs (5%, 12%, 18% and 28%) and a zero rate. The new rate schedules were published by the Central Board of Excise and Customs and are available here under “GST Rates.” The standard rate for services is 18%, unless otherwise indicated. A good not specifically listed in the schedule will, in most cases, bear the rate assigned to its chapter of the Harmonized System of Nomenclature (HSN). The GST Council may alter the schedules prior to GST’s July 1 implementation.
The post India Announces GST Rates on Specific Goods and Services appeared first on Sovos.