GST (Goods & Services Tax) Law which is to be implemented in India by July’1, was made public in November 2016. GST provides for maximum rate of tax under the new regime i.e. at 14 per cent (14 per cent central GST and an equal state GST, taking the total to 28 per cent).
The peak tax rate will rise up to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill, which will preclude the requirement of approaching Parliament for any change in rates in future.
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