New Delhi: The implementation of the goods and services tax and subsequent adjustments to the indirect taxation regime benefited traders and manufacturers by dramatically lowering inter-state transaction costs and the occurrence of numerous indirect taxes, PHDCCI President Pradeep Multani said on Friday.

"Following the adoption of GST, there has been a significant transfer of items from high tax slabs to lower tax slabs. The number of commodities subject to the highest tax rate of 28 percent has decreased to 3 percent in January 2022 from 17 percent at the time of GST implementation "according to the president of the PHD Chamber of Commerce and Industry (PHDCCI).

Many items have been changed from 28 percent to 18 percent or less than 18 percent tax slabs over the last five years, he added. Multani noted in the chamber's statement that the 18 percent GST tax slab currently covers around 44 percent of items, compared to approximately 33 percent at the time of GST implementation.

The percentage of things subject to the 12 percent tax rate climbed to 19 percent in January 2022 from around 18 percent in July 2017, he stated.e said that the 5 percent GST tax bracket covers approximately 21 percent of goods, up from 19 percent at the time of the new indirect tax regime's implementation.

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