WBCS.LIVE practice question

Which tax rate was abolished under the recently announced GST 2.O?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. 5%, 28%
  2. 12%, 18%
  3. 5%, 18%
  4. 12%, 28%

Correct answer and explanation

Correct answer: 12%, 28%

Explanation: āœ… Correct Answer: D) 12%, 28% šŸ“š Explanation: Under the recently announced GST 2.0, the 12% and 28% tax slabs were abolished. A new 40% GST rate has been introduced for luxury and sin goods, while essential goods now carry a 5% (merit rate) for essential items and 18% (standard rate) for others.