GST rates: Here’s why proper fitment of products based on actual tax is pivotal

With GST to be rolled out soon, the GST Council is all set to decide item-wise rates in May for goods and services based on the Harmonised System of Nomenclature (HSN) and Service Accounting Codes (SAC). While the four-tier rate structure of 5%, 12%, 18% and 28% has been finalised by the GST Council for levy of taxes on goods, it is expected that GST rates for bulk of goods will be at standard rat…