In the making since 2000, the Goods and Services Tax (GST) will finally kick-in from July 1. Touted by the government as the biggest tax reform since Independence, the GST is meant to boost growth and scrap local taxes that add to overhead costs and stymie businesses. In these 17 long years, GST has undergone several conceptual changes to finally emerge as a multi-rate tax structure, which economists believe will undermine the advantages that a simple-structured, uniform indirect tax would have affected. Foodgrains, cereals and vegetables have been zero rated under GST, other rate slabs are 5%, 12%, 185 and 28%. Here is a look at the different tax rates and how it might impact you:

Source: Hindustan Times June 29, 2017 13:41 UTC