Impact of GST Rate on the Tobacco Industry

Lashika Arora28 Dec, 2022Business

In July 2017, India implemented the goods and services tax (GST) system as a single indirect tax system that would replace all other indirect taxes and impose a single consumption-based tax on a variety of supplies of goods and services. The GST tax rate is broken down into five slabs, each with a different rate for various goods or services: 0%, 5%, 12%, 18%, and 28%. Tobacco products are one of the most heavily taxed commodities in India, as well as a significant source of revenue for the Indian government. Let's investigate the GST analysis for the Tobacco Industry.