- It replaces the Ordinance of Oct 7, 2025, issued during President’s Rule in the state.
- The Bill aligns Manipur’s GST Act, 2017 with Finance Act, 2025 and 56th GST Council reforms.
- GST slabs are rationalized into 5% and 18%, with a new 40% rate for ultra-luxury items.
- It introduces a track-and-trace system and digital identification marking for goods to ensure transparency.
- Section 74A standardizes appeals, Section 128A provides penalty waivers, and ITC rules are relaxed retrospectively.
- The reforms aim to simplify compliance, boost transparency, and support local industries like handloom, handicrafts, and agro-processing.
Question:
Q.1 Under the new GST structure introduced by the Bill, how many standard tax slabs are there (excluding the new ultra-luxury rate)?a) 3
b) 2
c) 4
d) 5
Answer: b) The Bill rationalizes GST slabs into two standard rates: 5% and 18%, plus a new 40% rate for ultra-luxury items.
