GST rates slashed on 50 items : The Tribune India

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GST rates slashed on 50 items

NEW DELHI:In the run-up to the General Election next year, the Goods and Services Tax (GST) Council comprising the Centre and states on Saturday brought relief to the middle class consumers by reducing the rates on more than 50 goods and 100 items, if concessions on certain services are also included.

GST rates slashed on 50 items


Sanjeev Sharma

Tribune News Service

New Delhi, July 21

In the run-up to the General Election next year, the Goods and Services Tax (GST) Council comprising the Centre and states on Saturday brought relief to the middle class consumers by reducing the rates on more than 50 goods and 100 items, if concessions on certain services are also included.

Among the 50 items where relief has been given are sanitary pads, washing machines, refrigerators, cosmetics, broom, mixers, paints, footwear, rakhis and handicrafts.

In addition, the 28th GST Council meeting, chaired by Finance Minister Piyush Goyal, eased the compliance burden on small traders and businesses by enhancing the threshold limit for quarterly returns to Rs 5 crore.

This would mean that 93 per cent of the taxpayers will now be filing returns on a quarterly basis but taxes on a monthly basis. Two new simpler return formats have also been approved.

In what appeared to be a mini-Budget announcement to create a feel good factor, the council announced significant reductions in many goods and services. 

Goyal said “simplification, rationalisation and relief for common man” were the guiding principles. On the revenue loss from these cuts, he said with simplification of processes, compliance would improve which would in turn boost revenue.

The next meeting of the council on August 4 would be only for MSME issues and to decide on an incentive package for digital payments.


WHAT gets CHEAPER

5%

  • Ethanol
  • e-books
  • Handmade carpet
  • Footwear  (under Rs 1,000)

12%

  • Handicraft handbags, purses
  • Jewellery box
  • Wooden frames
  • Worked-on Kota stone

18%

  • Paint
  • TV (up to 26 inch)
  • Mixer grinder
  • Refrigerator
  • Washing machine
  • Vacuum cleaner
  • Water heater
  • Cosmetics
  • Shaver
  • Hair dryer
  • Lithium ion battery

Hotel industry

GST on accommodation service now on transaction value, not declared value

(Changes applicable from July 27)

Exempted

Sanitary napkins rakhis

phool jhadu

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