On 4 December 2015, the Committee on Possible Tax rates under GST submitted its report to the Indian Ministry of Finance. In its report, the Committee recommends the following combined Centre (Federal) and state rates:
- A standard rate of 17% to 18% on goods and services;
- A lower rate of 12% on essential goods;
- A lower rate of 2% to 6% on precious metals;
- A revenue-neutral rate of 15% to 15.5% on goods and services whose taxation is not explicitly specified.; and
- A higher rate of 40% (sin/de…