GST rate at 20% good for industry, consumers: Experts
Source: PTI The GST rate of 20%, as suggested by a Parliamentary Committee, would benefit the industry and will also not be a burden on consumers, experts say. The Rajya Sabha Select Committee has suggested that the Goods and Services Tax (GST) rate should not go beyond 20% as higher rates could fuel inflation and erode the confidence of consumers in a new indirect tax regime proposed to be rolled out on April 1, 2016. Internationally, the GST rate ranges from 16-20%. However, there are some exceptions like Japan, Australia and Germany, where the rates are 8%, 10% and 23%, respectively. "GST rate at 20% is a practical proposition. It will help the manufacturers who currently have to pay multiple taxes which ...
