30 June 2017
A new Goods and Service tax (GST) is to be introduced in India from 1 July 2017 with the Indian Government now having approved the rate structure for the majority of goods and services under this new tax regime.
Goods and services have been categorised under various GST ratings and these rates are 0% ('basic needs items'), 5%, 12%, 18% and 28% ('luxury items').
The Government has also approved rules covering registration, invoicing, input tax credit, refunds, valuation, payment and composition. Please use this link to view the Indian Central Board of Excise and Customs website which gives detailed information in regards to GST.
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