25-June-2022: GST Slabs
I have been thinking of the GST Slabs in our country for a while. Suddenly it occurred to me that why not go for a rationalised set of Slabs, instead of haphazardly chosen ones. Here are some suggestions: In the following Table, the suggested Rate/Slab is followed by a few examples.
- 2 % - For Insurance Products & Premiums
- 4 % - For Day-to-Day consumption & Essential Items for General Public
- 8 % - For Manufactured Items,
- 16 % - For White Goods, and All Services
- 32 % - For Automobiles (Indian) & Highly Luxurious Goods
- 64 % - For Petroleum Products, Imported Cars
- 128 % - For Imported Luxury Cars
Note that:
- These slabs are arranged in an exponential scale starting for the Minimum at 2% through the Maximum at 128%.
- There is a Rational & Logical place and Rate for Petroleum Products.
- While fitting the existing rates, the nearest Slab should be selected with logical reason
