date:Jan 14, 2016
e of GST is expected to be in the range of 18 to 20 per cent. Currently, the industry pays service tax of 14 per cent, excise duty of 12.5 per cent and VAT at 14 per cent. Therefore, GST is not an expensive duty. For mass consumed food products, it is likely to be lower than the average GST rate, he said.
However there are ambiguities on levying higher rate of GST on processed food. For instance, the agricultural produce which is expected to be covered in GST, would impact the input cost. It wo