GST Council Meet: Centre Proposes Four Tier Structure Under GST With Two Standard Rates

• As the first day of council meeting concluded on Tuesday, the GST council managed to arrive at a consensus on how to compensate the state for losses they incur on account of tax reform that subsume various state and central levies.
• However, Council has not yet arrived at a conclusion on the crucial GST rate structure. As per Finance Minster Arun Jatiley, the proposal for four tier structure was discusses.

Rate structure under GST:

• The Basic structure: The center proposes four-slab GST tax structure:
  
  

  Particulars	Proposed GST rate
  Lower Rate	6%
  Standard 1 Rate	12%
  Standard 2 rate	18%
  Higher Rate	26%

  
  However, there is also proposal to impose an additional cess.