Q.State the broad GST rate slabs at which goods and services are currently taxed in India.

Goods and services fall into a small number of broad slabs, from a nil rate on essentials up to a top rate on luxury/sin goods.

Goods and services under GST are grouped into five broad rate slabs, decided and periodically revised by the GST Council: 0% (nil-rated/exempt) for essential items of daily consumption such as fresh food grains and milk; 5% for items of mass consumption such as packaged food and coal; 12% for standard, moderately essential goods such as processed food; 18%, the standard/default rate applying to most goods and services; and 28% for luxury and demerit ("sin") goods such as motor cars and tobacco products. A Compensation Cess is additionally levied, over and …