GST Council announces 4 tier GST rate structure - 5%, 12%, 18% & 28% !

GST Council reaches consensus on 4 tier-rate structure; Fixes rates at 5%, 12%, 18% and 28% with zero tax rate for several items constituting 50% of CPI basket; 'Demerit goods' such as aerated drinks, luxury cars, tobacco products & pan masala shall be subjected to Cess for compensating the States for 5 years ...