GST changes: What it means for you::

28 per cent slab is now largely confined to sin goods and luxuries

In yet another significant recast of the goods and services tax (GST) regime, the GST Council has cut rates on a number of goods in the 28 per cent slab, introduced easier filing and given relief to small businesses. ET takes a look:

Rate Rationalisation:

• 28 per cent slab largely confined to sin goods and luxuries
• More items exempt from tax
• Many items taxed at 5 per cent or 12 per cent rate

What it Means

• Bulk of the items in 12 per cent or 18 per cent slab
• This is effectively a two-rate structure and movement to one dominant rate of around 15 per cent may be possible once revenues pick up.

Return filing Changes: