Goods and Services Tax Council decisions: Highlights

Highlights of the Goods and Services Tax Councils decisions:

** Four tax bands between 5 per cent and 28 per cent.

** Two standard rates - 12 per cent and 18 per cent.

** Sevices may turn costly if 18 per cent slab is applied.

** Luxury goods to be taxed at between 40 per cent and 65 per cent.

** White goods/consumer durables to be taxed at 28 per cent.

** States to be compensated for revenue losses through cess route, but with sunset clause of five years.

** Some commodities that would fall under 28 per cent slab may face higher tax than at present.