Q. The GST council has decided a four tier structure of taxation to cover most goods and services. Which of the following is a correct group of these four tiers?
Answer: 5%, 12%, 18% and 28%
Notes: The GST Council has decided on a four-tier tax structure of 5%, 12%, 18% and 28% to cover most goods and services. Apart from this, a cess will be levied on demerit and luxury goods on top of the peak rate. This cess will be used to create a fund and this fund will be used to compensate the states which face loss of revenue due to GST implementation.
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